Author: Peter Todd 2017-12-05 10:15:51
Published on: 2017-12-05T10:15:51+00:00
The author presents a worked example of a scalable, trust-minimized system using a proof-of-publication ledger and single-use-seals to enable secure transfer of indivisible and divisible assets. The implementation supports two fundamental operations: Close and Verify. A secure single-use-seal protocol prevents double-spending by prohibiting the closure of a single seal over multiple messages. To achieve scalability, instead of each ledger entry consisting of an unstructured message, the protocol commits to a merkelized key:value tree. Each token is identified by its genesis seal and the most recent seal is closed over a message committing to a new seal. An actual implementation can usefully use a merkle-sum-tree to commit to the split set, allowing outputs to be proven to the recipient by giving only a single branch of the tree, with other outputs pruned. The marginal cost per token after the first one is just 1KB/ledger update, 4.4MB/year.
Updated on: 2023-06-12T22:37:33.438600+00:00