I believe I understand the basics of how a safe coin works, but am still a little confused about some of the details. Please let me know if I have understood the following correctly.
- A safe coin is a piece of data like a file. - Safe coins are not all stored in a central ledger, but the files are stored with the owner (and possibly the quorum of nodes who last signed for the transfer of them to a new owner). - Safe coins contain data stating who the the previous owner and current owner are. - Transfer between owners is done by the owner signing the coin over to the next (public key?) and the quorum of nodes arriving at consensus as to the new ownership being valid. The previous owner and current owner list in the coin is then updated. - There will be a maximum of no more than 2^32 safe coins. - Different safe coins are reserved for specific distributions. e.g. developers, crowd sales etc. - Some safe coins were not sold into circulation so will be burned/destroyed, meaning the total in circulation will be less than 2^32.
So my questions are:
Q. What is to stop people creating their own coins for use on the safe network? Is there some kind of coin genesis address for new coins? Q. What is to stop a quorum creating fake coins whcih then look like genuine coins because there is no form of centralised ledger?
I’m pretty sure this is a fairly well covered topic but I can’t find a satisfactory answer, so apologies for the possible duplicate post.