The app developer, builds smartphone and home computer applications that run over the pure cash layer. What does the pure cash layer provide?
Pure cash has no context, product definitions, delivery times taxes, all those contexts are in the smart layer. The only thing really retrievable from pure cash are the histograms of bid/ask for the various trading pits. All the intelligence lies in apps and trading pits coordinating out of band. Popular trading pits offer a series of unique applications for trading insider information against one or more S&L pits.
Consider my bike shopping app. I tap my smart card against the BikerApp icone and go shopping. There is an implicit agreement between me and the smart card app. That agreement says that I will shop at a bunch of corner stores as needed with ad hoc trips on my bike, and my bike carries a typical bike basket.
Whenever I go bike shopping, I tap in the biker app and thumbprint, then go bike shopping. We can see in this world where short order histograms are managed and passed around, the the app can privately collect and maintain my bike shopping inventories, whatever they may be. That private shopping information is very valuable to me and the app, it allows auto searching among suppliers locally. It can remember there is a high probability of cheap groceries, simply based on prior odds, and context of what to count.
Product categories
Apps need to keep these groupings short order and complete. Like, food, other consumables, services, and appliances. Sort of a check mark for each transaction means the card can collect short histograms of categories, it knows they are not compressible but they match the typical unit of information the card can deal with. All these definitions and agreements are in the smart contract layer, and the gain from getting these grouping right i enormous.
We need pure cash, cash needs trading pits, and thus yield managed congestion, so smart contracts stable and powerful.
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