the first transaction on the Abstract Coin Block chain appears like this:
|AC63n78dn| (1AC)Genesis(0AC) -> AdamStgBit
This unconfirmed transaction must be confirmed before AdamStgBit can send the coins to someone else. A transaction can be confirmed by anyone as long as they are
not mentioned in the transaction, the person confirming the transaction is called the accountant. The accountant quotes the unconfirmed transaction and says "confirmed!". Only by quoting the
confirmed transaction, can the recipient create an unconfirmed transaction. Each new unconfirmed transaction will contain the previous confirmed transaction, this will create a "quote chain" of confirmed transactions. The accountant can compromise the system by editing his posts. But! If an accountant is dishonest
we can fork the chain! simply by having someone else confirm the original TX and using that new confirmation in the chain.
examples: The first confirmed transaction will look like this
|AC63n78dn| (1AC)Genesis(0AC) -> AdamStgBit
confirmed!
now AdamStgBit can quote this confirmed transaction and create a new unconfirmed, like this:
|AC63n78dn| (1AC)Genesis(0AC) -> AdamStgBit
confirmed!
|AC8DN93M| (1AC)AdamStgBit(0.999AC) -> Hazard
now an accountant must confirm this TX in order for Hazard to create a new unconfirmed transaction
the unconfirmed TX above can be confirmed like so
|AC8DN93M| (1AC)AdamStgBit(0.999AC) -> Hazard
confirmed!
the accountant only needs to include the unconfirmed TX.
the sender must include the previously confirmed TX
and so Abstract Coin's quote chain is born.
This new protocol rule has effectively made all previous TX INVALID! So I will create a new thread outlining the new protocol and then we will reprocess the transactions one at a time starting with the genius block.