Safe Transaction Ledger

Apps
1

I have been thinking about using appendable data as a transaction ledger. This would be a way to record the movement of data between different users. This data could be anything that could be referenced on the safe network as a data item.

Using a sort of double entry bookkeeping system, the current owner would send (the seller debits their account) the data item to a new owner (the buyer credit their account). This would allow the seller to initiate the transaction and the buyer to confirm it has been completed. Given the underlying data item may be a token representing a physical item being delivered, the buyer confirmation would be useful.

The seller would sign the data in some way as a receipt (from the previous receipt perhaps). The buyer would do likewise to prove they have accepted it. This would be recorded to the appendable data item, as a sequence of transactions.

To initiate the ledger, the original owner could enter 2 transactions, as the essentially sell it to themselves, with the seller being generated data in some way. There could also be some meta data which identifies the address of the data being stored in the ledger.

So, the data structure may look something like the following.

entry, owner, receipt, action
entry1: data item creator, data item address signed by data item creator, sell
entry2: owner1, (entry1 receipt) signed, buy
entry3: owner1, (entry2 receipt + buyer id) signed, sell
entry4: owner2, (entry3 receipt) signed, buy

Anyway, details aren’t necessary at this stage. What got me thinking, was use cases.

So, you could have a PDF (contract, property deeds, etc) stored on safe network as the data item address. It could be a picture, audio, video. It could be a unique ID number of some sort, which represents a physical object.

I suppose the above has all been talked about before, so nothing that new there. Then I got thinking some more. What if the data item address was a bitcoin address? What if it could be a bitcoin proof of burn address? Could this be a way of transferring bitcoins to safe network? Would it allow bitcoins to gain many of the safe network benefits, such as fast transfers, very low fees, etc, while maintaining transfer history (while on safe network)?

Is the solution to bitcoin scalability to transfer them to safe network?

Anyway, supping wine and haven’t re-read the above. I was going to add more detail, but I think I’m going to enjoy my Saturday evening instead. Let me know what you think though! :slight_smile:

7 Likes
3

You’ve just illustrated how a single datatype on the Safe Network can replace an entire blockchain.

6 Likes
4

I suppose I’m thinking you may transfer some smaller amounts to spend as cash for small transactions. At least at first anyway.

Maybe side chains or some such could make it 2 way? I don’t know enough about that. I can grok what burn addresses are about though, so thought I’d start here.

1 Like
6

I suppose I’m thinking just KISS principle. A bitcoin burn address used to create the first ledger entry would have a unique address on safe network (iirc). So, a burn would have a single matching safe ledger address. That would allow a transfer between networks without duplicates.

I know it is one way, but minting a small number of safe satoshis from you bitcoin stash, could be useful. It lets people spend easily and quickly, for small transactions (coffee, shopping, tips, etc), while keeping their main stash on the bitcoin blockchain.

These safe satoshis would then permanently circulate on safe network, with their value moving in lock step with bitcoin.

Ofc, you would need a safe network aware client, but then you need a lightning client for similar too. However, you don’t need to keep a node online, use hosted options, etc. It would be fully distributed.

By happy accident, it would also make trading between bitcoin and safe network tokens a trivial operation, as both would exist on safe network.

2 Likes