Emerson
New member
I have a clever idea in my mind which enables a private individual to create a blockchain and issue tokens while accepting some consensus rules between all parties. Using bitcoin's proof-of-work and It's re-org feature as the mechanism to reach consensus.
This has nothing to do with public blockchains were nobody is in charge. Instead the blockchain has an owner and It's in their self interest to not break the consensus rules since others are monitoring them. While users do not need to trust that person to not change ledger without doing a re-org on a pow chain like bitcoin.
This is probably not a new idea. The idea is that we use the feature of traceability of coins and apply a set of rules that disables all possibilities that the other party can break the chain created without doing re-org on the main chain.
With this ability one can argue all sort of blockchains including truing complete ones can be created with owners. Which in my opinion it is a better approach for doing things Etherium does. Since there's no need to verify validity of all tokens and chains.
But in my opinion this is still expensive for each blockchain to exist by verifying the traceability within the main chain. Instead this task should get delegated and bulked inside one transaction per confirmation. Though It's not important that all blockchains use the same transaction.
The solution for bulkanizing needs schnorr signatures (MuSig) to be efficient enough and owners would not need to lose the ability to maintain their chain by themselves. Since anyone that controls the chain can simply kill it by running away. This procedure needs a moderator to maintain bulkanized tx. Since there's a chance that any participant to go offline and disrupt the process. The moderator can come up with solutions at those times with least amount of bytes needed to get into main chain.
What you guys think about it?
This has nothing to do with public blockchains were nobody is in charge. Instead the blockchain has an owner and It's in their self interest to not break the consensus rules since others are monitoring them. While users do not need to trust that person to not change ledger without doing a re-org on a pow chain like bitcoin.
This is probably not a new idea. The idea is that we use the feature of traceability of coins and apply a set of rules that disables all possibilities that the other party can break the chain created without doing re-org on the main chain.
With this ability one can argue all sort of blockchains including truing complete ones can be created with owners. Which in my opinion it is a better approach for doing things Etherium does. Since there's no need to verify validity of all tokens and chains.
But in my opinion this is still expensive for each blockchain to exist by verifying the traceability within the main chain. Instead this task should get delegated and bulked inside one transaction per confirmation. Though It's not important that all blockchains use the same transaction.
The solution for bulkanizing needs schnorr signatures (MuSig) to be efficient enough and owners would not need to lose the ability to maintain their chain by themselves. Since anyone that controls the chain can simply kill it by running away. This procedure needs a moderator to maintain bulkanized tx. Since there's a chance that any participant to go offline and disrupt the process. The moderator can come up with solutions at those times with least amount of bytes needed to get into main chain.
What you guys think about it?
