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.
Oh and that's not trusting each transaction as being below half the bond, but the sum of all unconfirmed underwritten transactions as being below the bond, as told by the notary himself and visible and verifiable on the broadcast chat network.
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The notary can and must keep underwriting transactions for clients past the amount he can guarantee: it's just that, past this amount, no merchant will just take his word as trustworthy quick confirmation anymore; instead they will wait for slow confirmation by the consensus.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Below the bond or below half the bond ?
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Sorry I slipped: all unconfirmed underwritten transactions should total less than half the bond for merchants to consider the transactions as quickly confirmable (if it otherwise makes sense for the merchandise at stake).
End of conversation
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