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.
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Replying to @Ngnghm
Interesting but questions remain concerning the notary bond system. A successful notary will always have transactions in its system. Is the bond's size/duration related to the transactions the notary has to manage? By what metric? Solvency ratios jump to mind.
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Replying to @jabial
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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Replying to @Ngnghm
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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Replying to @jabial
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.
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