Author: Melvin Carvalho 2013-06-05 17:01:42
Published on: 2013-06-05T17:01:42+00:00
Melvin Carvalho proposed the idea of creating a currency for the read-write web by combining the concepts of bitcoin and ripple. Bitcoin is a distributed ledger where each subject is a primary key in the ledger and can hold 0 or more coins, while Ripple is a protocol for enabling financial transactions between any two parties using a path of credit extensions. Melvin suggested using portable URIs for addresses, maintaining a distributed database using read/write web technologies such as HTTP POST/PATCH or SPARQL Update, and adding signatures using the WebKeys spec. He also discussed challenges associated with maintaining a distributed database and suggested using proof of work and consensus based on a unique node list to mitigate race conditions. Coin creation would be proportional to those maintaining the integrity of the shared database, and a transaction fee would prioritize those who pay the highest fee. Additionally, Melvin proposed adding a trust and reputation system to promote honest nodes and allow unexpected reuse of linked data and extensibility. He invited criticisms and interest in running a node to get a reference implementation going as proof of concept.
Updated on: 2023-06-06T18:32:32.952135+00:00