I thought there was no block chain? I'm still confused about how wallets and transactions are secured. Could you dumb it down into a YouTube video?
I was actually considering doing a power point presentation or two. There isn't a block chain like bitcoin, but there is still a chain that keeps an ordered version of events and allows newer transaction blocks to verify older transaction blocks.
It might help to imagine the first transaction block and go from there. The first consensus block will be a file written by hand.
Transaction Block 1:
consensus block 1 hash,
<all transaction data in this 10 second window>
One peer is selected to put TB 1 together and then pass this data around to the rest of the network. Each TradeNet group will then have a peer collect and aggregate digital signatures together so that 1 signature can verify that the whole tradenet group signed it (or most of it). This data is then sent around as a signature block.
Transaction Block 2:
transaction block 1 hash,
<all tx data for this 10 second window>
<all signature blocks for tx block 1>
After enough transaction blocks have passed that it is time for a new consensus block, the peer in charge of creating the next transaction block will include a hash of the new consensus block based on adding all of the data up since the last consensus block
Transaction Block 8,730:
consensus block 2 hash
transaction block 8,729 hash
<all tx data for this 10 second window>
<all signature blocks for tx block 8,729>
The consensus block 2 hash contains all the data changed in the last 8,730 transaction blocks. Once it is approved in the next TB:
Transaction block 8,731:
transaction block 8,730 hash (including CB 2)
<sig data for 8,730>
Assuming the signature block data equals more than 50% of the MCR
, a new peer joining the network can get the CB 2 data plus the signature blocks in TB 8,731 to prove that more than 50% of the reputation agreed that CB 2 is correct. Even if 100,000 tradenet peers signed the CB, the total data is 4 bytes per peer (to identify the signing peers based on their wallet number
) + 40 bytes per tradenet group (# of TNGs is currently the cube root of peers) for the aggregate signature, plus the CB data which is mostly just hashes of other data that is available on request.
At 100k peers there will be 46 tradenet groups, so 400,000 bytes + 1,840 bytes + CB (probably a couple kb) + 46 signature verifications = absolutely reliable consensus block data. And this is all that ever needs to be sent to a new peer (well they would also need the wallet number block and reputation block if they don't already have it). Anyone can request specific data as necessary from tradenet peers or cloudnet peers (which are just regular peers that are keeping up with all the blocks too).
Since 400kbytes is a lot to send around to every peer every 10 seconds, I might have it so that tradenet groups only sign every 10th or 100th or whatever tx block. Anyone in the tradenet or cloudnet can still verify valid transactions within about 10 seconds, but they won't be "rock solid" until the signatures come in. But also, for regular tx blocks, less than 50% of the total sigs will ever be required because the peer collecting the signatures only needs to get about half of the reputation (and since some peers have higher reputation they have higher weight, less sigs would be required unless those are offline) so even with 100k tradenet peers we're still looking at around a measly 150kb or so every 10 seconds or 15kb/s. 4,000 simple transactions per second (70 bytes) is about 275kb/s so 290kb/s times roughly 50% of connected nodes which would probably be around 100, or times 50 for half. So (call it 300 for additional data) 300x50 is 15MB/s or a 120Mbit connection required, which is currently within the realm of available consumer bandwidth. CURRENTLY. And there is no requirement to store all that data, just the last few days or months worth, so storage implications are moot.