Safecoin divisibility

Development
159

It was suggested by Ben that this is feasible where the network “freezes” a coin rather than recycles it, and can have it signed over to a new owner when the appropriate amount of smaller coin denomination is returned for recycling.

I have another thought on a possible division system were the division is a ledger system, or promissory note style of thing and only used for Less than a coin amounts. I have a feeling that someone suggested the same or similar thing previously, so I doubt this is “original”

  • These are held in a SD that is handled by the network with similar security and in association with safecoin.
  • The network “freezes” a coin and write a promissory note (SD) with a ledger value of 1.0000000000 (almost 32 bit value)
  • The network can split and combine these values so that any transaction only ever results in whole coins and 1 SD promissory returned to each the sender and receiver of safecurrency.
  • The client keeps track of these SD notes which can be used in any transaction or combined back into one note and coins if total > .9999999999
  • The decimal place can be represented in whatever form the system wishes. cents & milli-cents OR 10 decimal places, or milli, micro, nano coins There is no reason why a person could not set their client to use one representation and another person use another. It would boil back down to simple decimals

For example

  • person A has 100 coins and 2 notes (one for 0.2460000000 and one for 0.1012878723)
  • person B has 23 coins and 1 note for 0.1234567890

Person A pays Person B the amount of 2.30 safe currency

  • client A requests for the network to send 2 safecoins and 0.300000000 (using the two notes for the 0.3)
  • the network sends the 2 coins and one SD note worth 0.3000000000 to client B
  • the network returns to client A the remainder as a SD note with an amount of 0.0472878723 safe coin recorded

The network will always recombine SD notes so a transaction will only send one SD note to the receiver and one SD note for the remainder back to the sender. No SD notes are sent if there is no value to be sent (ie no decimal places in the transaction/remainder)

This means that the network currency

  • keeps SD coins as it does now (a special SD type)
  • There is then added a SD type that holds a 10 decimal place number representing up to 1 coin worth
  • “freezes” coins whenever sub coin amounts are needed
  • The “SD note”, called by many names depending on the clients preferred representation, so for want of a better name I call it a SD Note (Maybe SAFENote might be better)
  • The network only ever sends a max of 1 SD note to the receiver or as a remainder back to sender.
  • Whenever the amounts of combined SD notes result in more than 1 safe coin worth then safecoins are unfrozen.
  • The total amount system wide of SD notes can NEVER be greater than the number of frozen coins, since coins must be frozen to produce 1 coin worth (10 decimal place number)

As far as I can see

  • this would solve divisibility, practically infinite divisibility.
  • It is as secure as safecoins since the same security around coins is around SD notes.
  • The network can never have more than 2^32 worth of SAFEcoin.
  • It does not result in the multiplication of work that actual safe-cents style of division would.
  • There is no practical difference between this and safecents (millicents or whichever)
  • can be added to the safecoin transaction process without changing the security model/protocol. This means it can be added later without redesigning the security or protocol.

Any thoughts?

6 Likes