Hello Counterparty!
I've been wondering this for quite a while, and I think this idea could be used to decentralize financial control within a DAC/DAO…
[font=Verdana]Using Counterparty, is it possible to issue private keys to all holders of a specific asset? Could these private keys be used to control a central wallet based on some type of multi-signature configuration?[/font]
For instance, an asset issuer could place funds from earnings and investment in a public address. This address would then be controlled by the asset holders through multi-sig, based on the distribution of private keys. No central authority would be needed to control the organization's capital.
Developers and asset holders could sponsor/campaign for initiatives and requests for funds. These transactions could be voted on by asset holders using their private keys. This would allow crowd funding of initiatives within the DAC while still allowing developers to access funds earned from the profits of the DAC. No single person would approve funding, so it would remove the investor trust that is typically required in a single actor that controls the organization's funds. All asset holders would have some control over the funds and the initiatives of the organization.
Could you do something like?:
A) 10% of total private keys for transactions up to X units (or X% of total wallet).
B) 20% of total private keys for transactions up to Y units (or Y% of total wallet).
C) 60% of total private keys for transactions up to Z units (or Z% of total wallet)…
etc…
Could these type of transactions be executed automatically by the protocol based on the number of private key signatures?
I think this would be transparent, decentralized and accessible. In a way, it would decentralize the board room of modern corporations.
Would one be able to create this type of asset/organization using the Counterparty protocol?
I think this is indeed possible as long as the asset is native to Counterparty. So if you use XCP or another token, these kinds of complex transactions can hold that asset in escrow.
I know multisig support is being worked on.
How that will reflect on operations allowed on assets, I don't know.
I believe this feature is now live on testnet and once it is checked for security and reliability, it will be added to Counterwallet. 8)
That's great news. I saw this post about it but can't find mention from the project http://cointelegraph.com/news/112346/counterparty-unveils-multi-signature-support
"Counterparty… today announced that it now supports 1-of-2, 2-of-2, 1-of-3, 2-of-3 and 3-of-3 multiple-signature addresses."
According to the articles I have read I don´t think you´ll be able to do what you were thinking which would require something like a 10-of-100 multi sig address.