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General Discussion / Re: Graphene: Data security and verification on the chain
« on: February 13, 2016, 03:27:45 am »
@complexring @BunkerChain Labs
Your question is: when SIDEBTC is transferred the previous owner will still have the public key so its not secure.
This is how it works, there a 3 types of BTC
1. real BTC
2. SIDEBTC
3. BITBTC (like current bitbtc but collatralised 1:1 with side btc)
So SIDEBTC cannot be transfered ever. The owner of it uses it as collateral to create BITBTC which can be transfered.
Your question is: when SIDEBTC is transferred the previous owner will still have the public key so its not secure.
This is how it works, there a 3 types of BTC
1. real BTC
2. SIDEBTC
3. BITBTC (like current bitbtc but collatralised 1:1 with side btc)
So SIDEBTC cannot be transfered ever. The owner of it uses it as collateral to create BITBTC which can be transfered.