There are a lot of ideas on this forum when it comes to Alt-coins, PUT Balance, divisible Safecoins (1, 2, 3, 4, 5) so it’s time to add another one . The idea I propose is quite in line with other ideas about coins/alts/balance etc.
What is TransferValue?
TransferValue is an idea for a protocol on SAFE inspired by blockchain protocols like: Omni Layer and Counterparty. It allows for the creation, transfer and ownership of value on the SAFE Network. This value could be anything from altcoins, vote coins, likes, loyalty credits to vault_rank, PUT Balance and more. With this idea there’s no need for so called “frozen” or “locked” coin where 1 coin is stored in a piece of structured data (SD). TransferValue is more about a value stored in SD and is controlled by certain managers (could be client_managers for example).
How does it work?
Every user on the network is able to create a value/coin. There is a little cost involved to prevent abuse. Let’s say the cost for creation of a coin is 10X the price of a piece of SD. So here we go:
Alice wants to create 10 million “Alice coins” on the SAFE Network to be used on her “Alice App”. She goes to the “TransferValue App” and gives her coin a name (Alice coin) and number (10 million). She also set the coin to “locked” so no new coin can ever be created. This is what the “TransferValue App” does:
- It takes the tagtype (let’s say it’s 44575) and identifier (the name “Alice coin”) to decide which group of data_managers to connect to based on the hash. So based on the hash of the name “Alice coin” a certain group becomes responsible. This group get’s a request from Alice her close nodes with the request to create a new coin for tagtype 47587. If this name isn’t in use yet on this protocol, the group will ask for the payment in PUTs. Alice will make this payment.
- The group will create a TransferValue-wallet for Alice and fills it with the requested 10 million coin. These coins are just a “balance” controlled by the datamanagers and owned by Alice.
- Bob would like to get 0.001 “Alice coin” so he creates a TransferValue-wallet with his datamanagers. This wallet is owned by Bob and controlled by his datamanagers. Alice makes the 0.001 payment and this transaction goes to her datamanagers_group responsible for her wallet. This group contacts Bob’s datamanagers to see if there’s a wallet on the 44575 protocol and if this is returned true Alice her group will group_sign a message to Bob’s group to increase his value “Alice coin” with 0.001. Alice her balance will be group_signed to decrease with 0.001 “Alice coin”.
These types of transactions could be done over and over again all over the network.
- Easy to create altcoins, values, etc. No need to lock coins with their own piece of SD. It’s “just value”.
- Coins are divisible to the max, denomination depends on the number of bits used.
- A coin with a certain name can only be created with 1 certain group. Picking the name “Alice coin” will always point to the datamanagers responsible for the hash-address of this name. So after Alice created the coin, no one else can create it again.
- Wallets are spread over different groups. This allows for fast transactions.
- Only 1 group responsible when a coin/value is created. Might want to add more close groups for more security.
This is it! Feel free to shoot .