[Cryptography] actual journalism, was LRB article, Satoshi's Trump Card
James A. Donald
jamesd at echeque.com
Sun Jul 2 19:21:10 PDT 2017
On 03/07/2017 7:28 AM, grarpamp wrote:
> Yes they're "scams" in that hardly any of the more than hundreds of
> effectively cloned coins out there are bringing any substantial new
> developments or combinations of capabilities that will cause them
> to float to a top ten position long term.
The coin to invest in, the coin that I will invest in both in money and
as a software contributor, will solve the scaling problem, will be
capable of scaling all the way to wiping out the US$ as a world
currency. It will have integral support for sidechains with payments
out of one sidechain to another sidechain being endorsed by sidechain
signature from a single authority which is itself periodically but
infrequently endorsed by a short sidechain multisignature, which can be
generated by arbitrarily complex rules idiosyncratic to that sidechain
provided that conformity to the rules has verification of bounded
computational time that the central chain can evaluate. It will have an
efficient system for securing history in which Merkle trees do not grow
to enormous depth, so that it is possible to efficiently verify any one
small part of history without needing to verify all transactions that
have ever taken place. (Because scalability implies we abandon
everyone verifying everything down to the last byte.)
It will be decentralized in the sense that if the police grab every
single major contributor, software writer, and server, they cannot
change the rules and make the currency act differently, they can only
seize the money of the people that they have grabbed.
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