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Author Topic: decentralized wallet.  (Read 893 times)
steelhouse
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July 21, 2011, 10:05:05 AM
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This pertains to sites like mybitcoin.com and not wallet.dat.

Is it possible to have a decentralized wallet that uses BTC as a base?  BTC -> DonkeyCoin -> Everybody uses the fast Donkeycoin M1 for shops.  The donkeycoin can be converted into BTC by the user.

BTC is sent to donkeycoin.  Donkeycoin stores the BTC in a block chain.   A new block chain is used for say 1 month, before it is deleted.  The donkeycoin might automatically be sold to BTC temporarily, then the new money lioncoin is created.  Why do this, to keep the block small and fast as possible.

I notice there is a list of the 100 largest wallets.  That gives hope that the block.dat can be cleaned out.  As all the new owners could be placed in a new block and the old block can be ignored.
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There are several different types of Bitcoin clients. Header-only clients like MultiBit trust that the majority of mining power is honest for the purposes of enforcing network rules such as the 21 million BTC limit. Full clients do not trust miners in this way.
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TeraPool
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July 21, 2011, 09:57:56 PM
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The benefit of the blockchain is it's history imho.

If you constantly delete and create a new blockchain, there is not much trust to put into any one chain.

Also, who do we trust to implement the new chains?

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