So the basic idea. Everyone who has an interest in validating transactions
puts up a bond. Everyone in the network is snooping for any evidence that
any validator has attempted a doublespend. If they detect this evidence
than they produce verifiable proof of that by way of showing the relevant
conflicting digital signatures, than they will both spread that information
and personally consider that transaction invalid and bond irrecoverable.
Anyone who receives a report from another node that such a transaction has
occurred spreads it to everyone he knows about and also personally
considers the transaction invalid and bond irrecoverable. Each actor
determines for his or her self which fork is valid by doing his own
investigation, both by checking all incoming transaction information for
proof of doublespend, and by pinging nodes all across the network to ask if
they have witnessed any such activity. We just mobilize an army of network
police. It would be a lot like real life where sometimes crimes could still
happen in theory because they dont get detected soon enough, but that like
in real life we find out about and expose crimes often enough to allow
society to continue to function quite well despite the fact that crime
exists. (i know that analogy isnt perfect since bankers get away with
anything but bear with me). It would still be a lot like bitcoin in this
case, the imperfection is not in that sometimes people would get ripped off
on a transaction that happened a year ago, attacks would still only happen
on the margin to people who didnt wait for enough confirmations.
Tendermint? Not sure of the spelling.
EXCITING.
So the basic idea. Everyone who has an interest in validating transactions
puts up a bond. Everyone in the network is snooping for any evidence that
any validator has attempted a doublespend. If they detect this evidence
than they produce verifiable proof of that by way of showing the relevant
conflicting digital signatures, than they will both spread that information
and personally consider that transaction invalid and bond irrecoverable.
Anyone who receives a report from another node that such a transaction has
occurred spreads it to everyone he knows about and also personally
considers the transaction invalid and bond irrecoverable. Each actor
determines for his or her self which fork is valid by doing his own
investigation, both by checking all incoming transaction information for
proof of doublespend, and by pinging nodes all across the network to ask if
they have witnessed any such activity. We just mobilize an army of network
police. It would be a lot like real life where sometimes crimes could still
happen in theory because they dont get detected soon enough, but that like
in real life we find out about and expose crimes often enough to allow
society to continue to function quite well despite the fact that crime
exists. (i know that analogy isnt perfect since bankers get away with
anything but bear with me). It would still be a lot like bitcoin in this
case, the imperfection is not in that sometimes people would get ripped off
on a transaction that happened a year ago, attacks would still only happen
on the margin to people who didnt wait for enough confirmations.
Am i understanding this correctly.