As soon as you create a hash using your private key then you can verify the data the hash is made from. BUT you cannot stop the new owner from overwriting the data. So you would have to make it against their interest to change the “creator” data.
Another way is to create 2 SDs for each certificate. One that contains the data that the creator modifies (signed obviously) if needed and one for the new owner so they can trade in the certificate. The Address is the proof of a valid certificate with its serial#
So the address becomes TAG_ID + serial# + hash
the hash is a hash using your private key of say the TAG_ID + serial#
Because only one SD can exist with that address then you can be sure of it validity.
Now the challenge is how to transfer ownership of the certificate
How is that different from changing a BTC wallet/client app to recognize other blockchains as legitimate BTC? You first have to get people to use that wallet/client to rip them off. If you clearly define a protocol with certain rules (such as an ID range of legitimate SD objects) and then provide an implementation for it (an app), people will notice compromised versions and won’t use them. Your example isn’t different from trying to spread a compromised wallet app.
Well, how about this: because there are million ways to see the truth, and there is only one truth.
What kind of a BTC client or wallet do you need to see how many MAID are out there? None. You can see them by examining transaction details of the issuing address, and by decoding Omni transactions from that address, you can see for yourself how many MAID there are and when they were issued.
Compromised or not, the point is with your coin you can never know how many signed tokens are out there, whereas with any BTC-based coin you can. So when you see 1 million coins from your app, how do you know whether SAFE coins it’s looking at are “the” 1 million coins that should count, or “a” 1 million coins that it’s counting.
I understand there’s no trace of where a coin came from. So if you (as the issuer) notice 25% of owners aren’t voting, why not issue 15% of additional tokens and put them to work for voting?
I’ve never heard of a token or asset protocol that hard codes token addresses that way. I assume you’re not proposing that each issuer defines his own issuance rules by having a proprietary “protocol” and retains full control of everything including the protocol, issuance, etc.
If it’s defined on the network level, that’d be different but even then the only person who’d know what’s going on would be the issuer because no one including the network has full visibility of all coins out there, and there is no audit-able chain of transactions to look up what happened yesterday either.
Maybe your idea has something that escapes me, I don’t know.
I think you can prevent additional issue of coins by checking the coin serial number is within a valid range - this can be known by the wallet and also recorded in an immutable field of the coin.
You can also prevent duplicate coins being created by ensuring two coin can’t have the same serial number (because they would share the same SD address).
Looks like a great App Dev opportunity - develop the do it yourself Omni/Coinprism app for SAFEnetwork. Massive!
Can you expand those questions, the first one I don’t understand - in what situation?
The second one - well yes, but I think the same scheme could be expanded to allow all coins issued under the same protocol to be handled by a single App that can create and issue coins, and a single wallet that can hold and transfer ownership of all coins created by the App.
Edit: maybe this was not clear: I’m suggesting an individual SD corresponds to a single coin. Not a ledger system. So similar to Safecoin in many respects.
I mean, would you have to use wallet/app released by the token issuer, or could any wallet display those tokens?
I’m asking because if only apps released by the issuer can display this token, then it wouldn’t necessarily be transparent what is being looked up and shown in the GUI.
(I see from your second response now what you meant).
I can’t say for certain, but my belief is no. What’s needed is to define a protocol that allows this, then anyone can write an App that creates and issues tokens, and anyone can write a wallet that understands them. I can’t see a reason why this would require centralised control, which is what you are wondering about.
If it’s available on the protocol level, then obviously that’s the case.
In the meantime someone could potentially create a proprietary app, that’s what I meant to say.