Cryptocurrency: Scaling, Privacy [re: on whatever...]

[Peter Fairbrother]

On 16/12/2019 14:22, other.arkitech wrote:
>> yeah, so what's the 'next generation' solution?
>>
>>> a) they can be sharded signed and distributed out to query trees,
>>> doesn't solve things long term.
>>> b) utxo can be flag cutover coinbase input to empty chain, very unlikely.
>>> c) chain protocols will evolve to effectively consensus mine
>>> a utxo database, hashed checkpoint series, etc thereby
>>> allowing tx's and blocks to be thrown away after the series
>>> becomes too confirmed and locked to mine a different one.
>>> Storage becomes mooted,
>>
>> The problem isn't storage per se. The thing is, all peers have to validate all transactions. And that may include all past transactions. It may seem pointless to revalidate old transactions but how do you arrive at the current state if you don't?
> 
> these views are aligned with the system I am developing, (correct me if I am wrong) 

I think you are wrong. And you don't make much sense.

which include a separation between public data and private data.
> The private network, run on the same nodes that run the public protocol, made of encrypted P2P links celebrating private trading protocols.

What the hell does "celebrating" mean here? Talk English.

> These trading events would generate public transactions to be settled in the public ledger.

So are they are public, not private? We don't know what people are 
trading for the money, but them we don't know that with Bitcoin anyway.

> Private blockchains could be created among closed groups.
> both open and restricted blockchains wouldn't reflect the past, just the current state.

How? Sounds impossible.


You do know how blockchain currencies work, don't you? Every transaction 
is public and part of the blockchain. People know that a wallet contains 
money because the list of transactions is translated into a ledger of 
accounts of which wallet contains what, in Bitcoin's case, by about 4 
groups of people, though you can do it yourself to check that the four 
groups are not cheating anybody.

The only way someone knows that there is any money in a wallet is 
because it is in the accounts ledger, which is publicly derived from the 
public blockchain.

You can't do it privately. Either nobody would know whether you had any 
money or not, or someone has to be trusted - and remember the third law 
of secure systems: only people you trust can betray you.


You do know what a blockchain is, don't you? It is a record of past 
transactions. In order to find the current state you need to process the 
blockchain.

Peter Fairbrother