Safecoin based on owner id and prev owner id (structured data).(~no ledger)
this is amazing if you are looking to send a few safecoins, but what if you want to send million safecoins,
is that mean I am gonna sign million requests and the 32nodes should issue million TXs to transfer the ownership to the new owner?
I am working on very similar project , but the backed supply is algorithm of 100% not mix of unique coin IDs, but backed with wallets and owner IDs.
where the network only keep track for latest accounts balance % and some salt(~ledgerless) … so no one can manipulate or add more balance % to his account.
so no matter what is your balance % you will still have only 1mb chunk with a few copies spread across the network, and you can send any% to other with one request , all what the network have to do is to make sure that your account balance belong to you and current total accounts balance = 100%.
I guess the answer is yes. But if you are going to send such large amounts then yes you will be happy to wait so that the transfers are secure.
Remember that multiple coins can be sent at once.
For one coin the delay might be a second because of lags around the network. But a good wallet would send multiple coins one after the other and tick off the coin transfers when the network returns the result of the transfer. So its not 1 million times 1 second. But maybe 1000 per second submitted.
Now since the apis for coin transfer have not been written yet it could even be that the api will allow you to specify multiple coin addresses per submission.
But seriously how many times will any transfer a million coins at once. In todays terms that is 1/2 million dollars worth. And when the network is live that could be one or two million dollars.
Maybe that will be the price for security and that is to wait 20 minutes to transfer 1 million coins.
This sounds similar to the divisibility solution where the wallet data structure has the part coin balance as one of its fields and only the network can modify it.
Thank you neo, this was very helpful, really that’s sound very interesting I believe in safecoin and I am pretty sure that it will success and be better than IOTA. so the confirmation time will depend on the amount of coins you want to send?
the network will let the users to issue new receipt(s)(which will become the new wallet balance) and the receipt(s) should meet the requirement to get uploaded to the network. so if user trying to add extra balance the API will reject… in this way we can also enable two parties to send directly to each others with minimal interacting with the network. example : user x(5%) and user y(10%) they ask the network to open a channel between each others to enable real time payments where only both can issue and confirm to each others and when they are done they could just close the channel with latest receipts // so now user x balanca(8%) + user y balance(7%) = 15%…
Yes, but each coins (at the moment) is confirmed as it is sent. So for 1000 coins there are 1000 confirmations. The wallet though might only give you a confirmation when all is done, but that depends on wallet APP and not the network.
Well the balance part sounded similar. I am not sure exactly what you are trying achieve here. The part coin balance is simply handled the same as a coin transfer except that it deals with a part coin and wallet address rather than coin address. So sending 5.5 coins would involve 5 coin transactions and 1 part coin transaction.
To open channels between users requires both users to be online together and running some sort of wallet APP. All coin transfers do not require this. The receiving wallet address is send messages when coins have been sent to it and then it can use those to update the list of coin addresses that the wallet “owns”
Thank you again for your quick response,
first there will not be any coin addresses at all, only balance%.
its like an illusion of 100%, where users buy % and exchange any % with others.
example: I own 1% of total supply and you own 5% of total supply & etc etc = always will be 100%.
so you can send nano payments to me even if its 0.000000000001%. as the supply not backed by coin addresses only algorithm.
sorry I am just trying to figure out somehow another way of coin addresses. I believe in sharing knowledge and you guys are amazing and I want to see safenet a replacement protocol for bittorrent.