New write-up on Meta-Decentralized Crypto-Currencies: http://fare.tunes.org/computing/mdcc2018.html … Fast operations by centralized notaries, secure arbitration by decentralized consensus.
A good policy is to trust a notary's underwritings up to half the bond he posted. So a notary with a $2M bond can probably be trusted for up to $1M in transactions not yet confirmed by the consensus. And this information is verifiable shared knowledge.
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The 2/1 ratio is based on the fact that if the notary is in collusion with whoever wins the next block, he could make up as "reward" half of what he loses from his double-spending being denounced. Bigger rewards imply bigger ratios; smaller rewards smaller ratios.
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Yes, but a successful notary will manage not one but a large number of concurrent transactions. Can't he just cheat several people?
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Why half?
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