Author: Erik Aronesty 2016-06-26 12:12:11
Published on: 2016-06-26T12:12:11+00:00
A new system has been proposed for securing tokens, which involves token miners posting a public key and collateral on the bitcoin blockchain. The coin is then moved to a multisig wallet consisting of miners who have signaled readiness, with nlocktime set to some time in the future. The new token set does not necessarily need to be a chain, it could be a DAG or some other mechanism. Miners of the new system can move coin back to the main chain at any time, while any miner who fails to follow the rules of the new system loses their collateral. However, any consortium of miners/participants in the side chain can steal the coin, though this is true for all sidechains and to some extent bitcoin anyway. The proposed system may seem simplistic, but its efficacy remains to be seen.
Updated on: 2023-06-11T18:52:20.798909+00:00