Friday, January 20, 2017

The simplest two party atomic exchange

Two smart wallets is the assumption, makes all the difference.

Wallet 1 gets 'thumbprinted' into an honest exchange, as does wallet 2. Any contact  violation is considered a counterfeit protocol. The protocol can be verified.

Honest exchange means no double spending no forgery. Once the valid coin conditions are met, the two wallets exchange coins, even coins of differing type. All transactions tamper proof, unobservable by human.  Transaction timeout should be close to travel time between cards, as the ledger service will be post transaction.

Any coin in the pit, carries instructions to complete the ledger service, and it is up to the receiver to execute the ledger service at the receiver's convenience, after the transaction,. The only timeout with holding a coin in the wallet, without the ledger service, is the expiration date on the wallet private keys.

So, there are common coin parameters, a multi-coin standard 'wrapper', but it should be simple and vague; but support the simplest transaction between smart wallets.

What is a ledger service?
Fedwire, a bitcoin blockchain request, a visa/mastercharge tokenization submission. Even a print request when paper forms are pricable, like any ledgerservice.

The simplest ledger services  are loan and deposit events at the coin S&L sites.  The S&L sites, or rather the trading bots, maintain a secure account of your coins by card ID, and the python pits protect the accounts.  None of the trading bots in the pits double spend or forge; nor the wallets.  If any endpoint cheated,the shoe leather cops will be all over their tail.

2 comments:

Blogger said...

In my consideration, the ultimate Bitcoin exchange service is YoBit.

Blogger said...

Claim FREE bitcoins over at DailyFreeBits. 100 to 1,000 satoshis per 60 minutes.