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Re: Payments as a CSV

From: Michiel de Jong <michiel@unhosted.org>
Date: Thu, 20 Sep 2012 21:04:04 +0200
Message-ID: <CA+aD3u2=d2uHBw_=YN1ytJcWjv84xPdnCSJ7FYA06FH1gVHsNw@mail.gmail.com>
To: Melvin Carvalho <melvincarvalho@gmail.com>
Cc: Web Payments <public-webpayments@w3.org>
On Thu, Sep 20, 2012 at 8:40 PM, Melvin Carvalho
<melvincarvalho@gmail.com> wrote:
> In a given system all of these IOUs are redeemable with the central bank.
> Historically for gold or silver, but currently it is just a guaranteed form
> of legal tender meaning that merchants should accept it, or that it can be
> used to pay taxes or court fines.

that's not true for IOUs between peers - if your peer defects, your
money is gone.

> So what you should do is to keep a record of transactions as one task, and a
> record of balances (eg in a closed system) as a separate task.

but i want a decentralized, open system. that's why each pair of peers
should keep track of a balance between the two of them.

> as the system scales the
> balances can get out of sync

no, balances are between peers. the number of participants can scale
up without such a two-person balance every being affected by the
thousands or millions of users that are not part of it. the number of
users involved in the balance will still be two.
Received on Thursday, 20 September 2012 19:04:31 GMT

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