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General Discussion / Re: Graphene Could Help Guarantee the Reserve Holdings of Cryptocurrency Exchanges
« on: April 02, 2016, 10:09:26 pm »QuoteThe difference between a proof-of-work sidechain and Graphene is that the multi-sig trustees on the Graphene chain cannot buy their way into power, but rather they are subject to shareholder voting. In order for any funds to be stolen or diverted, at least 15 out of the 20 independently chosen and voted for operators would have to collude with each other in a very public way
IMO your article has a vary rational approach but, take into account what we're experiencing with the Yunbi voting situation and how it's single handily shutting down worker funding. This easily could apply towards the idea you've laid forth. Where an "exchange", or equivalent, can brute force the "trustees" out and dismantle the whole system.
I'm going to shamelessly plug the "Modular Wallet" idea I've been preaching about, which I believe will help lessen the chances of a brute force vote attack (Yunbi style) and potentially make these "Reserve Holding" idea become a reality!
@CryptoPrometheus for a great article!
Actually if we can get exchanges adopting the use of our sidechain solution, that would solve things like Yumbi and Polo. It would stop exchanges from holding the voting power along with the coin.
I'm not seeing how sidechains would solve the exchange voting problem. Please explain. Thanks.