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July 30, 2017, 11:56:48 AM |
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Hello there,
I'm going to build a smart-contract, that will work as an exchange: it will exchange my own pseudo-currency to ETH in two-sides.
Is it possible to achieve following goals?
1) I want my pseudo-currency can be used only for few possible transactions (for example, you can get the amount in one place, from miner or another supplier, and pay only to another member of the system, who can only exchange it via smart-contract to Ethereum), that's why I named it pseudo-currency. You can't pay Bob, who will pay a steak to Charles and then to Frank and Henry, and so on. Only one pre-defined possible transaction sequence allowed.
2) I don't want to have blockchain for that, but have this scheme decentralized, provable and double-spend secure.
3) Actually build such smart-contract and keep Ethereum Blockchain footprint as small as possible, to not spoof Ethereum Blockchain with useless data.
I hope it is possible: keeping provable transaction sequence is like a path on Merkle-tree, that looks like a "part" of blockchain. Since transaction sequence is predefined, there is no need to have a whole blockchain: genesis blocks, full Merkle-tree of blocks/transactions etc. Smart-contract on ETH blockchain will act as exchange, verify coin, provide work parameters for miners.
Does exist any similar protocols/coins? Where to read about them?
Can I find an answer to my questions in papers related to building cryptocurrencies before Satoshi Nakamoto's work or is it a waste of time?
Thanks, BitcoinTalk people!
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