Published on: 2014-06-17T22:28:36+00:00
In a mailing list discussion from 2014, the topic of establishing trust in the identity associated with an ECC key pair was raised. Daniel Rice questioned how to bootstrap trust in a future where multiple companies may release products similar to TREZOR. Peter Todd suggested two methods to establish trust: fidelity bonds or "trusted identities". Todd explained that a user could prove their trustworthiness by publicly throwing away resources. For example, they could transfer coins to a null address or create transactions with large and equal transaction fees. By doing so, the user would demonstrate that they value their identity and are willing to give up a significant amount of value to establish trust.Others could verify this trust purchase and accept zero-confirmation transactions at face value. If the user were to break their promise, others could publish their signed transaction to expose them as fraudulent. This would destroy the value needed to create trust in their identity.Todd acknowledged that the second paragraph of his suggestion was obsolete and proposed using announce-commit sacrifices or destruction of coins instead. He argued that sacrificing coins to fees encouraged mining centralization and should be avoided.Overall, the discussion centered around finding ways to establish trust in the identity associated with bitcoin addresses and prevent double spending. The suggested methods involved demonstrating the value placed on one's identity through deliberate resource depletion and allowing others to verify this trust purchase.
Updated on: 2023-08-01T09:34:11.667783+00:00