Wednesday, May 24, 2017

Javascript running on the secure element

To fix this [scaling] , the firm has introduced Bcoin — a Javascript Bitcoin library aimed at simplifying Bitcoin coding. Purse believes it has accomplished the “most advanced fullnode Bitcoin implementation.”The company said its new javascript Bitcoin library doesn’t aim to go against the wisdom of Satoshi. Instead, Purse sees Bcoin as an important application for the future of the Bitcoin, providing it with needed infrastructure.
Very smart move.  

The point is, you have a secure bitcoin node running, in your wallet, operating on the bitcoin network. So, if your wallet gives a bitcoin to me, it is good, I dump it on my secure element node.  My wallet makes it official, even though your ledger may be deferred, and I risk some ledger fees down the line. But, otherwise, the transaction is complete, your payment is in the chain.  The sandbox pits easily mediate congestion, but ledger fees remain, they are just minimized.

The power applications

Investment houses and your secure element can agree to a distributed block chain channel through the investment house trading pits. Then use auto-block chain transactions to manage the equivalent deposit/loan interface to the investment house.  The connection is all managed, secure, bitcoin compatible block chain; pure side chain.  But, the system is not a monopoly, the wallets themselves ultimately will manage multiple types of ledger requirements and contracts. It is well segmented, the sandbox.

Architecture change

None,  there was always an application layer adjacent to the secure element. 

Just create a class of java script applications, all of the being restricted by the IO rules of the secure element, which remains a bonded, secure and protected code, including coin ledgers and keys. 

Javascript manages contracts and red/green user indications. The secure element still retains protected internet addresses set up at contract time.  But the javascript layer makes for a great interaction at the price beacon and icon level, allowing a lot of sorting and estimating of inside information by the user, before secure auto-transactions are committed. 

  It is the intelligent mouse concept, the computer is that thing you hold and tap with.

Consider something simple, the bakers club. The ability of a javascript app to manage great baking recipes, and identify ingredients such that your manufacture of bakery products at home meets some sufficient level. Assume set up transaction costs are near zero and contract violations warned all around. Then any grocer, anywhere will offer backer's club discounts, at transaction costs zero, there is a mutual gain in reduced inventory volatility.  All of this, easily done with the ability of our javascript programmers and sandbox rules.

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