{"type":"rich","version":"1.0","author_name":"npub1798ncudyucap9jzzujjsgufx8tdykm8auzfledjcs6f6wf4ekqvq8lpmjt","author_url":"https://nostr.ae/npub1798ncudyucap9jzzujjsgufx8tdykm8auzfledjcs6f6wf4ekqvq8lpmjt","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2015-02-12\n📝 Original message:Den 12 feb 2015 13:49 skrev \"Mike Hearn\" \u003cmike at plan99.net\u003e:\n\u003e\u003e\n\u003e\u003e Are you not counting collateralized multisignature notaries? Its an\nextended version of the Greenaddress.it model.\n\u003e\n\u003e It makes unconfirmed transactions useless in the classical Bitcoin model.\nObviously if you introduce a trusted third party you can fix things, but\nthen you're back to having the disadvantages of centralised trust.\n\nThat trust you put in them is extremely limited, and temporary.\n\nFirst of all, the standard multisignature notary model applies like how I\noriginally described it in my blog post over a year ago.\n\nYou can prove a doublespend instantly by showing two conflicting\ntransactions both signed by thar party. This pair can be distributed as a\nproof of malice globally in seconds via a push messaging mechanism.\n\nAfter confirmation in the blockchain, you have standard Bitcoin transaction\nsecurity.\nTo profit, the notary would have to be sure the payout from agreeing on\ncollusion (or to perform the doublespend themselves) would pay out better\nthan acting honestly for a given amount of time info the future. This means\ntransactions for small sums are secure.\n\nTo provide security for high value transactions, NRW adds a collateral\ntransaction that the notary stands for and signs in advance, and gives to\nthe seller. The key here is that it is constructed such that if the\noriginal payment gets doublespent, then this collateral transaction to the\nseller becomes spendable.\n\nSo there is two outcomes - either the customer or the notary pays the\nseller. The customer can't force a doublespend. The notary can't steal or\nfreeze funds (due to nlocktime fund recovery option). The seller knows\nhe'll get the funds for sure before delivering the goods. Nobody is at\nrisk.\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150212/be689276/attachment.html\u003e"}