A transaction can be revoked within a time period by a pre-designated notary. This should give all parties a check on the autonomous operation of a wallet bot. Bitcoin has, or can allow, the feature without hard fork.
Consider the simple case of the cross chain swap using a shared wallet bot. The entire protocol is presented to all selected notaries, and they sign off at each check point. All actions at the start of the swap are deposits into the wallet with revokable timeouts.
At any point during execution, any party can exit within the timeout, for a hefty exit fee. All the other notaries notice the revokable clause was executed on a participating ledger, and they cascade an exit, a complete roll back. Each ledger offers the revokable transaction, the automatic reverse of a transfer. The reversing signature specified before hand.
Reversible side protocols can be nested with a revokable transfer from the wallet to itself. Thus, nesting is controlled by traders, off loaded from the separate ledgers.
The normal protocol exit, then, is to allow the timeout to expire and the outcome is certified by all, in default. The price of revoking should increase as the timeout nears the limit making race conditions unprofitable. The first notary that evokes reversibility pays the high price.
This little ledger requirement really lessens the burden of arbitrary swaps; bearer assets becomes visible in the protocol during execution.
Retail shoppers select the default notary, or let BofA handle the whole transaction because the retail shopper has a delivery or delivery certificate in hand. So we should obtain a variety of exchange protocols supportable across a variety of ledgers. Pipeline security replaced by general ledger two phase commit. I think this works., and we can see thi smoothly transitions into full the pipeline controlled systems.
Hedgers will watch market prices and the timeout, so we get a priced fails to deliver queue. We end up with select notaries running a futures market, a very good idea.
All the pending protocols, published, is your futures markets If you just look at swaps, under the system, you get all the variables need for spotting any two bearer assets against each other. Miners run the ledgers independently, but they can share revoking fees, thus no bad actor on one ledger can bottle up the other ledgers.
Many ways to skin same cat, all compatible because we created a flexible notary industry out of the miners, learnt them something. The uncertain layering was about cyber ptrol, assigning badges for pre-qual, and forcing mark to market. The notary idea bundles these functions and traders can agree on selected notaries prior to engagement.
Welcome to sandbox.
No comments:
Post a Comment