Post
Topic
Board Speculation
Re: Gold collapsing. Bitcoin UP.
by
Reggie Middleton
on 28/05/2015, 11:00:51 UTC
I believe the block size limit issue is getting critical.  You guys should check out Reggie Middleton's Veritaseum.  Quoting:

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Veritaseum uses only bitcoin, and subsists completely on the bitcoin blockchain. It is the only bitcoin wallet system that can trade simple and complex value structures without using non-bitcoin tokens, alt coins, sidechains or alternative blockchains. It can trade the value of over 45,000 tickers in all asset classes, from major exchanges from all around the world. At it’s essence, Veritaseum is a hyper-intelligent Bitcoin wallet “system” that is able to create and interpret smart contracts through the blockchain. It coordinates with an Oracle to gain access to conventional, physical and legacy financial data and information and uses it to price, value, trade and settle OTC, P2P financial instruments - all in BTC.

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One more in a long list of efforts built around getting a free ride on the protocol at the expense of others.  They should be being worried about it being ballooned, weakened, and ultimately controlled more than anyone unless they are running some sort of pump-n-dump scam platform or are as dumb as a box of rocks.

Whatever the case, this is a classic example of where a dedicated sidechain could shine.  Reggie and co can make their own determinations about how much engineering and transparency they want to pay for for their VeritaseumCoin sidechain based on the market demand in their segment.  They can also decide how much effort they should be putting into securing Bitcoin core, and I doubt that it would be less than it is today.

Actually, we have contributed to the bitcoin core. In the process of building our system, we found a bug or two. In addition, Veritaseum doesn't bloat the blockchain. Download the client and give it a try. It's a fully functional system and you can see that it runs cleanly.