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With a small change to bitcoin protocol it should be possible in some cases. But right now the only viable option is to use M of N oracles: https://github.com/
by kolinko 12y ago
With a small change to bitcoin protocol it should be possible in some cases. But right now the only viable option is to use M of N oracles:
https://github.com/orisi/wiki/wiki/Orisi-White-Paper https://github.com/orisi/wiki/wiki/Orisi-White-Paper
http://gavintech.blogspot.com/2014/06/bit-thereum.html http://gavintech.blogspot.com/2014/06/bit-thereum.html
Basically, you choose a panel of up to 15 independent entities to verify that the funds were locked indeed. The panel can be modified by a majority of votes if some of the entities prove to be unreliable - kind of like the Supreme Court works.
This obviously introduces a new vulnerability to the system, but is the best solution available right now.
- musername 12y agowell, if a vulnerabillity like this is the best it can do, I guess I will not switch to the best alternative to fiat, not anytime soon. /s To be clear, IMHO it is a mitigation or heuristic, not a solution at all. Disclaimer: slightly disgruntled and provokative because I don't really understand the technicalities and a lot of hype makes it even more unbelievable.
- adrianmacneil 12y agoNote that this is only a compatibility measure (the equivalent of an IPv6 tunnel to move traffic between networks). The longer term solution is to add a new opcode to bitcoin, which would natively support moving bitcoin between sidechains.