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secure cryptocurrency transfers
info@tedsig.com
december 2018
TEDSIG:
Problem definition
Problems
“Trustless” = cryptocurrencies are designed to be trustless,
eliminating the need for trusted third parties
Cryptocurrencies do not solve the need for trust in business
transactions involving the transfer of other valuables (real
estate, commercial merchandise, ….)
Finality of transactions create new risks
Problems with higher value transfers
Cryptocurrency sale for fiat currency (for example OTC trades)
Cryptocurrency in exchange for real estate, commercial
merchandise, …
Who pays/delivers first?
Existing solutions in the world of
traditional money and cryptocurrencies
FIAT - Attorney/notary/bank escrow
Using trusted intermediaries for satisfying transfer conditions
and trade settlement
Transfer is initiated after some condition is met (for example an
escrow account is funded)
Intermediary settles the transaction after fulfilling contractual
requirements
FIAT - Letter of credit, collection, pledge
These are usually banking services, bank provides assurance
for one counterparty
Letter of credit: the issuer's obligation to provide the
beneficiary a payment on the client's request
The goal is to improve certainty of payment (guarantee
function, payment function)
Example: A bank guarantees that they will pay the sale price
after receiving documentation of successful delivery of goods
or services
Cryptocurrency - intermediaries
OTC (over the counter) merchants and cryptocurrency
exchanges
Usually only sale of cryptocurrencies
Tedsig: an escrow for cryptocurrencies
Goal
Make use of experiences of a law firm (Blockchain Legal) and
an IT security company (Citadelo)
Combine the services of attorney escrow service and technical
experience with securing cryptocurrencies
Fill in the market gap caused by conservative actors (banks,
attorneys, notaries)
Offer partially decentralized solution and also a centralized
solution (depending on customer’s needs)
Transfers of larger amounts of cryptocurrencies in business transactions
Use-cases
Exchange of cryptocurrencies (one time and repeated)
Real estate transactions involving cryptocurrencies
Sale of valuable goods
Down payments (advance) for products and services
Short-term and long-term cryptocurrency storage
An additional security for storing cryptocurrencies
Part of inheritance process
International transactions involving cryptocurrencies
Basic commercial options
Options
We offer different options of the service with differente
responsibility and risk
More robust solutions are less flexible and costly but provide
better security
Simple solutions involve customers more
The role of tedsig is from consultancy (support) to custodial
FIAT currency storage (if required) using attorney office
Options
1: Transactions under supervision of tedsig, private keys of
tedsig are used only in case of disupute
2: Transaction with obligatory use of tedsig and cooperation of
one of the parties
3: Transaction fully operated by tedsig
Example - real estate transaction
Real estate transaction for BTC
1) Creation of multi-signature wallet and satoshi test (low-value
transfer)
2) Fixation of the BTC amount
3) Signing of a legal contract for BTC transfer
4) Funding the multi signature address
5) Signing of real estate sale contract
6) Registering the transaction with the country’s real-estate
registry
7) When the registration clears, the transactions are cleared
from the multi-signature address
1) to 6) can be done on the same day
Advantages
The transaction is independent on the banking system
Transaction is fast, including complete legal documentation
Practical use of Bitcoin
Direct contract between counterparties, without the need of an
exchange
Questions?
Thank you
info@tedsig.com

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Tedsig introduction

  • 3. Problems “Trustless” = cryptocurrencies are designed to be trustless, eliminating the need for trusted third parties Cryptocurrencies do not solve the need for trust in business transactions involving the transfer of other valuables (real estate, commercial merchandise, ….) Finality of transactions create new risks
  • 4. Problems with higher value transfers Cryptocurrency sale for fiat currency (for example OTC trades) Cryptocurrency in exchange for real estate, commercial merchandise, … Who pays/delivers first?
  • 5. Existing solutions in the world of traditional money and cryptocurrencies
  • 6. FIAT - Attorney/notary/bank escrow Using trusted intermediaries for satisfying transfer conditions and trade settlement Transfer is initiated after some condition is met (for example an escrow account is funded) Intermediary settles the transaction after fulfilling contractual requirements
  • 7. FIAT - Letter of credit, collection, pledge These are usually banking services, bank provides assurance for one counterparty Letter of credit: the issuer's obligation to provide the beneficiary a payment on the client's request The goal is to improve certainty of payment (guarantee function, payment function) Example: A bank guarantees that they will pay the sale price after receiving documentation of successful delivery of goods or services
  • 8. Cryptocurrency - intermediaries OTC (over the counter) merchants and cryptocurrency exchanges Usually only sale of cryptocurrencies
  • 9. Tedsig: an escrow for cryptocurrencies
  • 10. Goal Make use of experiences of a law firm (Blockchain Legal) and an IT security company (Citadelo) Combine the services of attorney escrow service and technical experience with securing cryptocurrencies Fill in the market gap caused by conservative actors (banks, attorneys, notaries) Offer partially decentralized solution and also a centralized solution (depending on customer’s needs) Transfers of larger amounts of cryptocurrencies in business transactions
  • 11. Use-cases Exchange of cryptocurrencies (one time and repeated) Real estate transactions involving cryptocurrencies Sale of valuable goods Down payments (advance) for products and services Short-term and long-term cryptocurrency storage An additional security for storing cryptocurrencies Part of inheritance process International transactions involving cryptocurrencies
  • 13. Options We offer different options of the service with differente responsibility and risk More robust solutions are less flexible and costly but provide better security Simple solutions involve customers more The role of tedsig is from consultancy (support) to custodial FIAT currency storage (if required) using attorney office
  • 14. Options 1: Transactions under supervision of tedsig, private keys of tedsig are used only in case of disupute 2: Transaction with obligatory use of tedsig and cooperation of one of the parties 3: Transaction fully operated by tedsig
  • 15. Example - real estate transaction
  • 16. Real estate transaction for BTC 1) Creation of multi-signature wallet and satoshi test (low-value transfer) 2) Fixation of the BTC amount 3) Signing of a legal contract for BTC transfer 4) Funding the multi signature address 5) Signing of real estate sale contract 6) Registering the transaction with the country’s real-estate registry 7) When the registration clears, the transactions are cleared from the multi-signature address 1) to 6) can be done on the same day
  • 17. Advantages The transaction is independent on the banking system Transaction is fast, including complete legal documentation Practical use of Bitcoin Direct contract between counterparties, without the need of an exchange