Preview DAO release

I know that there are some hurting issues with the too low tx fee causing delays in confirmations and disputes if the trade period exceeds. Unfortunately there is no easy way to fix that without breaking backward compatibility.
But the good news is that a fix is already implemented. We just need to finalize other important changes to put all into one big release.
That release will not be backward compatible - the first time since the beta launch. But the old app will still be supported and people can run both in parallel (though it should fade out after a few months).

So what are those features which lets us wait much longer for an update as usual?

  • The Bitsquare DAO
  • Dynamic transaction fees (using estimations from
  • Custom security deposit (avoiding canceled trades in times of high volatility)
  • Using protobuffer instead of Java serialization (so we can get back to the head version of BitcoinJ as well)
  • Support for Bitcoin nodes running as hidden services
  • DNS lookup over Tor
  • IBAN/BIC input validation (as well as some others)
  • Re-branded app with our new Brand (not decided yet)
  • Maybe APIs
  • Maybe in-app download of updates
  • Maybe Trezor support
  • Many other smaller features and bug fixes

The most important feature is the DAO which will help us to get more developers on board and to create the funding and managing structure which fits best to Bitsquare. We are working with a Swiss law firm (the one with the most experience in crypto-currency projects) to verify that the DAO is solid from a legal perspective and we will probably setup a Swiss foundation to have a legal entity behind Bitsquare (it will not have much importance in the DAO though, but to not have any legal entity is not a good idea as we learned with TheDAO).

I will try to publish soon a write-up about the DAO, so that the community gets a better picture what it is about. Just so much: It has nothing to do with TheDAO, Ethereum or smart contracts (at least not in the narrow PR term).
But it is really decentralized and autonomous, that’s why I decided to stick with the term DAO, although TheDAO has created so much damage to it (and because of lack for a better term).

Stay tuned, in about 2 months we get a big baby :wink:


Have you looked at the way Dash runs their DAO? 45% miners/45% MNO’s/10% for development & marketing. That 10% now stands at a $1,000,000 per month. Bitsquare is a great idea and more than likely the future, but people need to hear about it - chicken and egg.

We are waiting for the final review from our lawyers then we can share the paper. Its mostly coded up and if there would not be the annoying issues with exploding bitcoin tx fees we would be further already.
Stay tuned, our DAO model will be announced asap.