Thursday, January 19, 2017

Atomic crypto transactions simplified

It is another issue in the cryptocurrency world, right now. In the sandbox it is the guarantee that the cash is valid, not a forgery

Remember, secure smart card is already on the pure cash secret key network. All cards guaranteed not to double spend. The card makes no guarantees outside the pit. And timeouts get priced, it is a queue filling ledger service, in the pit, the trading bots have a pricing surface for that, via the pits.

So, essentially, for the atomic transaction protocols, assume step one is done. The remaining steps encoded in the coin protocol.

There should be a lot of multi-coin flexibility as long as coin inventors understand that ledger services need smooth pricing.

We can, kind of, identify coin properties.
1) No double spending, but that i a sandbox property
2) A coin needs a S&L, or at least a ledger service compressor (pricing engine)
3) A Smart card will over and under spend, the balance maintained in the compressor under visible contract.

Conservation of bit error contract implies fraction reserve banking, no time bets.  Compression means, for the two color:
Find a quantization set that generates the best match between a bid and an ask sequence. Best match is a generator that turns a uniform random variable into the typical sequence.   Charge the bid and ask coins according to their probabilist distance from the typical, the match.

What is happening, thus, in the pits, prices are always set to keep the deliveries from jamming, and it works by making all the containers obey a decomposition algebra.  For example, he basket on my bike. Like everyone else I use the whole sale grocery case,which fit exactly into the  panel truck, which also holds similar sized agricultural cases, or double sets of them....  All those containers work because of our friendly savings and loan bank, managing bit error so, within some limited range, we are willing to fill these cases and trucks only partially. Hence, we are always opportunistically able to avoid long lines and jump on short ones.

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