 |
May 25, 2013, 04:15:03 PM |
|
I got a kickass idea maybe which will make it so anybody will be able to mint their own physical amount of crypto, and it will be redeemable back to crypto anywhere, both tasks even in his/her own house. In between, this cash can be verfied by anybody.
This idea has a giant, seemingly impossible hole in it, but if it can be figured out maybe this could work.
Ok the idea uses these things:
1. A decentralized network with a database, decentralized control of its own crypto accounts
2. Smartchips, as in a chip you can store a private key on that can't be read, but can sign, etc
3. A networked gizmo to interact with the smartchip
To make a piece of "cash", somebody does this:
1. Decides how much crypto the cash is to be worth
2. Generates a random key pair (having nothing to do with crypto addresses or anything)
3. Puts the private key on the smartchip
4. Makes a crypto transaction to an address owned by the decentralized network
5. The number denoting the amount of crypto that was given to the decentralized network address is stored in the database along with the public key.
The smartchip is now "worth" that amount of crypto because to redeem it, all one needs to do would be something like:
1. Tell the network an address to pay crypto to
2. The decentralized network gives the smartchip something to sign.
3. It uses the signature to lookup how much crypto to pay.
4. Maybe further confirms by encrypting random data with pubkey in database and see if smartchip can decrypt
5. Pays the crypto address in crypto, and deletes record of public key and amount
In the meantime, cash can be verified at any time much like the procedure for redeeming, but without the last step of actually paying crypto for it and deleting it.
There's probably holes all in this idea, but the big glaring one for me is how to give decentralized control of crypto addresses to a network, which is essentially a decentralized bank or wallet.
|
