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Instead of the service administrator determining who wins or not it should be a number of named and trusted outsiders who would make this decision. Take 10 rep
by jpalomaki 12y ago
Instead of the service administrator determining who wins or not it should be a number of named and trusted outsiders who would make this decision.
Take 10 reputable sports journalists/well known figures. Pay them part of the 1% profit. In exchange for the money they would agree to provide a proof of the result (signed with their key). Craft the transactions so that for example 4 out of 10 confirmations are needed for the transaction to go through.
- kylebrown 12y agoThe problem here is that "trusted" is not intrinsic to the character of some third-party. I might trust someone with $100, but does that mean I would trust them with $1,000,000? The better solution is to not to rely on trust or semi-trust (i.e. trust multiple parties not to collude) at all. Instead, incentivize people to act in their own self-interest (the same game-theoretic assumption underlying the blockchain). This is how TruthCoin incentivizes voters to adjudicate decisions (voters are analogous to miners): https://github.com/psztorc/Truthcoin https://github.com/psztorc/Truthcoin