Author: Peter Todd 2014-06-16 20:50:41
Published on: 2014-06-16T20:50:41+00:00
In a mailing list discussion from 2014, Daniel Rice questioned how to bootstrap trust in a future where multiple companies may release products similar to TREZOR. Peter Todd suggested using fidelity bonds or "trusted identities" to establish trust. He explained that a user could establish trust in the identity associated with their bitcoin address by publicly throwing away resources, such as transferring coins to a null address or creating transactions with large and equal transaction fees. By doing this, the user would prove that they value their identity and have given up a significant amount of value to establish trust. Others could then verify the trust purchase and accept zero-confirmation transactions at face value. If the user broke their promise, others could publish their signed transaction to prove them as fraudulent and destroy the value needed to create trust. Todd noted that the second paragraph was obsolete and suggested using announce-commit sacrifices or destruction of coins instead.
Updated on: 2023-06-09T00:11:22.073077+00:00