I hate that I’m saying this because I believe all of cryptocurrency to be a pyramid scheme, but… this is the perfect use case for a smart contract on ethereum…
why would a smart contract help though? there needs to be proof that the encrypted key is valid, this would require zero knowledge proof but I'm not sure how you can do it for this use case.
He could post a secret in the decrypted text on the page that, once submitted to the chain, fulfills the contract and transfers the ETH. I know very little about smart contracts but I thought this is what they’re good at… “if a value is posted with a sha512 hash that matches x, the contract is fulfilled”, and put the value on the page, encrypted, and ask hackers to decrypt it.
It doesn’t necessarily prove that the encrypted key is valid, but it proves that the author put some money up on the chain at least. It could always be that the decrypted text doesn’t provide the key that fulfills the contract, but ultimately that isn’t a solvable problem. You can’t prove a claim about some encrypted text without someone having the ability to decrypt it.
I hate that I’m saying this because I believe all of cryptocurrency to be a pyramid scheme, but… this is the perfect use case for a smart contract on ethereum…
(Now I gotta go wash my hands after typing this.)
why would a smart contract help though? there needs to be proof that the encrypted key is valid, this would require zero knowledge proof but I'm not sure how you can do it for this use case.
He could post a secret in the decrypted text on the page that, once submitted to the chain, fulfills the contract and transfers the ETH. I know very little about smart contracts but I thought this is what they’re good at… “if a value is posted with a sha512 hash that matches x, the contract is fulfilled”, and put the value on the page, encrypted, and ask hackers to decrypt it.
It doesn’t necessarily prove that the encrypted key is valid, but it proves that the author put some money up on the chain at least. It could always be that the decrypted text doesn’t provide the key that fulfills the contract, but ultimately that isn’t a solvable problem. You can’t prove a claim about some encrypted text without someone having the ability to decrypt it.
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