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Author Topic: A PIN and PoS powered second layer proposal  (Read 226 times)
cedricfung
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September 30, 2019, 02:53:41 PM
 #21

So 35 entities with a fat enough wallet pay an entrance fee to a private organization offering an alt coin for the power to route the majority of Bitcoin transactions?

As is that sounds like centralized off-chain transactions with extra steps.

If you insist that this is a centralized organization, then just treat it like that.

Now we can discuss, is it secure to use such a multisig and PIN to secure this centralized wallet?
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September 30, 2019, 07:38:30 PM
 #22

altcoins/ other networks are not second layer.

Nobody is talking about any coins, we are requesting technical discussions over a possible second layer solution, with a simple assumption that the PoS is secure enough. That's why I never post any links or name of the system. Because I know that people will just focus on a coin without actual technical discussions.

Anyway, this is PoS, who need to buy this coin are those nodes, about 35 entities, not average users. Treat it as a much more transparent and better bank for BTC. I never talk about any coins and try my best to avoid discussions on altcoins.

To provide a good enough service, or just a little better service than central exchanges or anything else. Please just focus on the multisig wallet and PIN security.

you do mention the coin x. and you concentrate on stake coin x, you are describing an altcoin not a second layer. so dont keep describing your system as a second layer.

its important to mention your coin x and your private blockchain of 35 individuals that clubbed togethr to create it as your asking about the security/trust outside customers have in that group.

but with that said as a private blockchain for 35 entities to manage. if they are peered together as independant individuals that do not know, or are not working/friendly with each other. where they are looking for a way to view each others trade history so that they can aggregate funds upon a request then PoS has advantages because if an individual was mischievous then that person would suffer if the penalty is real assets

but here are the issues
the stake needs to be real btc. not the private blockchain coin that are created and destroyed per session at the click of a mouse. as the internal ledger could be messed with, altcoin stake vanishing. because where the person that gained the btc and handed out the altcoin premine at that session is always the winner
EG i can create a altcoin with 6 trillion coins. sell a few to people and then just delete the network leaving customers with nothing but an error. meanwhile i sip martini's on a tropical island bought with peoples btc

those in power must be majority independant and stranger to eachover. because if they were all in some friend/work relationship with each other and offering outside customers a service involving trusting those in power. then there is no point in having PoS as the powerhouse are colluding anyway and the outsider customers have no way to stop them

think about it. who provides the code logic that proves,disproves a signature is valid.. the group. who holds the real btc the group, who has control of the ledger, the group. and all the customer has is an api access to ask/beg for mercy and alot of blind hope/trust that the group are not colluding

its like many private blockchains that want to allow outside customer use, it then requires outside oversight, which normally would be where independant oversight has the majority to prevent the group from just deleting their ledger collectively and leaving customers with an error and no real btc

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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