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Subject: [bitcoin-dev] parallel token idea & question
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token miners who will work to the a new token signal readiness to secure
that token by posting a public key to the bitcoin blockchain along with a
collateral and possibly a block mined from a side chain, or some other
signal proving sufficient participation (allows for non-blockchain tokens).
coin moved to the new token set is sent to a multisig wallet consisting of
miners who have signaled readiness, with nlocktime set to some time in the
future
coin sits in that wallet - the new token doesn't even have to be a chain,
it could be a DAG, or some other mechanism - following whatever rules it
pleases
any time, miner of the new system can move coin back to the main chain...
trivially and following whatever rules are need. also, any time a miner
fails to follow the rules of the new system, they lose their collateral
any sufficient consortium of miners/participants in the side chain can, of
course, steal that coin...but that is true for all sidechains - and to some
extent bitcoin - anyway
does this seem too simplistic or weak in some way?
--001a11c05a544aa03f05362d500b
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<div dir=3D"ltr">token miners who will work to the a new token signal readi=
ness to secure that token by posting a public key to the bitcoin blockchain=
along with a collateral and possibly a block mined from a side chain, or s=
ome other signal proving sufficient participation (allows for non-blockchai=
n tokens).<div><br></div><div>coin moved to the new token set is sent to a =
multisig wallet consisting of miners who have signaled readiness, with nloc=
ktime set to some time in the future</div><div><br></div><div>coin sits in =
that wallet - the new token doesn't even have to be a chain, it could b=
e a DAG, or some other mechanism - following whatever rules it pleases</div=
><div><br></div><div>any time, miner of the new system can move coin back t=
o the main chain... trivially and following whatever rules are need. =C2=A0=
also, any time a miner fails to follow the rules of the new system, they lo=
se their collateral</div><div><br></div><div><div>any sufficient consortium=
of miners/participants in the side chain can, of course, steal that coin..=
.but that is true for all sidechains - and to some extent bitcoin - anyway<=
/div></div><div><br></div><div>does this seem too simplistic or weak in som=
e way?=C2=A0<br></div></div>
--001a11c05a544aa03f05362d500b--
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