Sunday, November 15, 2020

A bounty system for Btc sharding

 Money talks, so to speak.

Some group of trusted miners put up a bounty, a large bonus fee for any Btc miner who spots a spending off of some ledger point, a check against double spending. I can put that contract into a contract code, like Eth does.  That is a fail to honor a shard.  The trader is known, he has previously registered for the shard and is thus a scofflaw available for prosecution.

This is a variation of 'reversal within timeout for a fee'. But it is ex post, a double spending caught immediately after the fact, and a quick court bot can file a restraining order, or the sponsors can charge a fails to deliver fee. So what. risk equalize.

Then I need no one, just a short chain code and a willingness to chase scofflaws. Anyone can make a deposit meaning lock their node on the Btc ledger. The pit sponsors can sett short chaincash  services back to the vendor, in any currency of choice, and make change.

What would be even better? Bot courts. Sharding contracts are legal, provable contracts. Violations well defined. It wold seem to me the assignment of legal claims straight forward, and fast, and fair; if we have a bot court.

I digress. The point here is that any vendor can sell in Btc fractions with a short hop to the local ledger, backed by the sponsors. The sponsors have a known scofflaw risk. But a whale can do this, and guarantee the Btc account at the chain root. but he has to reveal himself.  

We get a Paypal like Btc vendor clearance system. Paypal could easily do this, make a short block chain with time and link limits; publicly accessible via one short hop. Paypal can do this with any ledger, any monetary system as long as they have some ability o control scofflaws.


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