I still remain skeptical about the safeCOIN model and how it will work. I was wondering if somebody could address my concerns and explain how it is going to work…
My understanding is that when I spend a coin, My wallet signs an order “Give coin abcd to Bob” The consensus group around the coin votes on weather I am the owner of the coin and if my order is properly signed, and if 28 of the 32 nodes agree, It becomes Bob’s coin.
Is that correct?
If I spend 1000 coins, that would mean 28000 of 32000 nodes would have to approve my purchase, because each coin has a different consensus group that know who the coin belongs to.
If 999 of the groups agree and one dissents, do to a double spend, or perhaps just network churn, what happens? Are the other 999 canceled as well? How is that communicated and verified amongst the nodes that may be churning? What if Bob has already spent some of the 999?
Curious to know the thinking and strategy on these issues… Or perhaps I am missing something.