parallel token idea & question

parallel token idea & question
From: Erik Aronesty @ 2016-06-26 12:12 UTC (permalink / raw)
  To: Bitcoin Protocol Discussion

[-- Attachment #1: Type: text/plain, Size: 1056 bytes --]

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?

[-- Attachment #2: Type: text/html, Size: 1220 bytes --]

 permalink raw reply	[|nested]