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.
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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He can't cheat more than one person if the merchant software is careful to partake in the broadcast chat network that generates shared information about ongoing transactions: the moment a conflicting promise is found, everyone knows he's a cheat and his bond is doomed.
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