Monday, May 15, 2017

News to me, on block chain!

Thin SPV Clients

BIP 0037 introduced support for thin or lite clients by way of Simple Payment Verification. SPV clients do not need to download the full block contents to verify the existence of funds in the blockchain, but rely on the chain of block headers and bloom filters to obtain the data they need from other nodes. This method of client communication allows high security trustless communication with full nodes, but at the expensive of some privacy as the peers can deduce which addresses the SPV client is seeking information about.

I don;t follow block chain, but found this blurb about payment verification on he block chain.  The tree that composes the history of transactions allows merchants to verify payment.  But it is a distributed tree, and unknown peers can track the merchant transactions.  Stores can carry the whole block chain and all updates, thus verifying with no revelations.  But it is easier for a wallet to request verification from the peers.  Then the peers can track your transsactions.

No problem.  Have the wallet tokenize the request, encrypted.  Then send it to a bonded agent which always has the latest block chain.  Which bonded agent? Hire an insurance company, give them a penny. We can do this easily when we have secure elements.  
Redneck Trading Pit steps up to the task
Even the triple model works best here., my triplet: <token,coin,bot> was the interface to the standard Redneck it. Let bot be null, the even money bet. Send the address tokenized, and amount to the verification pit, which is hardware protected, and has the complete chain always.  Under the pit model, that null bot could just be your even money bot in the coinage, and it automatically scoffs any coin coming your way from the block chain.  Then, you just check your account, like a wire transfer. From there you can even dump it back into your wallet using the null ledger service.

Or, the buyers wallet could just dump the coin into your wallet, then your wallet can go put the coin onto your ledger. Again using the tokenizing service.  That is the purpose of the token system, it sort of contains the parameters of a 'remote procedure' function, the function being the bot actions, which are generally an ongoing process of finite bound transactions in the pit.

My corner grocer would just take coinage from the wallet, and hold it for the day.  He let's his favorite customers run wide of amber, the verification pit is also an S&L pit, no doubt.

There, send me a check.

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