Natanael [ARCHIVE] on Nostr: 📅 Original date posted:2015-02-12 📝 Original message:Den 12 feb 2015 13:49 ...
📅 Original date posted:2015-02-12
📝 Original message:Den 12 feb 2015 13:49 skrev "Mike Hearn" <mike at plan99.net>:
>>
>> Are you not counting collateralized multisignature notaries? Its an
extended version of the Greenaddress.it model.
>
> It makes unconfirmed transactions useless in the classical Bitcoin model.
Obviously if you introduce a trusted third party you can fix things, but
then you're back to having the disadvantages of centralised trust.
That trust you put in them is extremely limited, and temporary.
First of all, the standard multisignature notary model applies like how I
originally described it in my blog post over a year ago.
You can prove a doublespend instantly by showing two conflicting
transactions both signed by thar party. This pair can be distributed as a
proof of malice globally in seconds via a push messaging mechanism.
After confirmation in the blockchain, you have standard Bitcoin transaction
security.
To profit, the notary would have to be sure the payout from agreeing on
collusion (or to perform the doublespend themselves) would pay out better
than acting honestly for a given amount of time info the future. This means
transactions for small sums are secure.
To provide security for high value transactions, NRW adds a collateral
transaction that the notary stands for and signs in advance, and gives to
the seller. The key here is that it is constructed such that if the
original payment gets doublespent, then this collateral transaction to the
seller becomes spendable.
So there is two outcomes - either the customer or the notary pays the
seller. The customer can't force a doublespend. The notary can't steal or
freeze funds (due to nlocktime fund recovery option). The seller knows
he'll get the funds for sure before delivering the goods. Nobody is at
risk.
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📝 Original message:Den 12 feb 2015 13:49 skrev "Mike Hearn" <mike at plan99.net>:
>>
>> Are you not counting collateralized multisignature notaries? Its an
extended version of the Greenaddress.it model.
>
> It makes unconfirmed transactions useless in the classical Bitcoin model.
Obviously if you introduce a trusted third party you can fix things, but
then you're back to having the disadvantages of centralised trust.
That trust you put in them is extremely limited, and temporary.
First of all, the standard multisignature notary model applies like how I
originally described it in my blog post over a year ago.
You can prove a doublespend instantly by showing two conflicting
transactions both signed by thar party. This pair can be distributed as a
proof of malice globally in seconds via a push messaging mechanism.
After confirmation in the blockchain, you have standard Bitcoin transaction
security.
To profit, the notary would have to be sure the payout from agreeing on
collusion (or to perform the doublespend themselves) would pay out better
than acting honestly for a given amount of time info the future. This means
transactions for small sums are secure.
To provide security for high value transactions, NRW adds a collateral
transaction that the notary stands for and signs in advance, and gives to
the seller. The key here is that it is constructed such that if the
original payment gets doublespent, then this collateral transaction to the
seller becomes spendable.
So there is two outcomes - either the customer or the notary pays the
seller. The customer can't force a doublespend. The notary can't steal or
freeze funds (due to nlocktime fund recovery option). The seller knows
he'll get the funds for sure before delivering the goods. Nobody is at
risk.
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