Anyone have any thoughts on this? From the counterparty forums:
For those think 10 minutes is slow, or Bitcoin devs don't like to modify OP_RETURN to 80 bytes. I have an idea to solve all these problems. That is to make XCP float on a lot of coins. See details below:
Add an "operation/transaction type" into XCP protocol called "BURN_TO_REBORN".
The "BURN_TO_REBORN" has a parameter named "targetRebornCoinName".
this method's code is like:
BURN_TO_REBORN(string targetRebornCoinName)
Then you can BURN your XCP by using this "BURN_TO_REBORN" on the Bitcoin blockchain.
Save the transaction ID of which the "BURN_TO_REBORN" Bitcoin transaction is in, it will be used later.
After 6 confirms, then you can claim/request to REBORN (with the Bitcoin transaction ID of "BURN_TO_REBORN" as a parameter) your XCP on Dogecoin or LiteCoin or other Altcoin blockchain.
The XCP daemon/program/heavy-client on Dogecoin or other Altcoin, will check if this REBORN request is valid( has a correct BURN_TO_REBORN in the Bitcoin blockchain ) and have a correct parameter.
If the REBORN(parameter) is correct and valid. Then your XCP is REBORN in Dogecoin. (or other altcoin you like)
You only can reborn your XCP on one Altcoin blockchain, which is specified in the parameter targetRebornCoinName of the BURN_TO_REBORN method.
Through this way, XCP can move / float on all coins.
The value of 1 XCP in all bitcoin and altcoins blockchains has the same value . Because they can move between altcoins freely.
There will be 2 kinds XCP users:
1. light-client user, just like the current XCP user.
2. heavy-client user, those will do the verify work to check all the BURN_TO_REBORN and REBORN messages between all the selected Altcoins' blockchains. Heavy-client users can earn/mine the XCP fees in all the BURN_TO_REBORN and REBORN messages.
Result:
1. This way, we can make XCP a super coin -- float on all coins.
2. And XCP will become the "media/middle-coin" to convert coins between all kinds of altcoins.
3. Solve the 10 minutes slow confirm problem. Because those like to make fast transactions can move their XCP coins into a fast blockchains/altcoins.
4. Solve the 80 bytes problem and other Bitcoin devs' noncooperation problem. If Bitcoin devs want to filter XCP, we can just move to other coins easily.
Source:
https://forums.counterparty.co/index.php/topic,195.0.htmlAnyone have any thoughts on why this may or may not work? Because it sounds like almost a perfect solution (I have no actual idea so take that with some salt). XCP would gain the advantages of all blockchains. Want to trade and perform actions at a higher frequency? just move your XCP to dogecoin or something. Want the security of the bitcoin blockchain for your assets? Just keep it on BTC.
If ever any of the other chains goes onto a fork or does a blockchain rewind, any floating XCP that got sold would end up being able to be double spent.
Maybe this is a rare enough thing, then again, didnt DOGE just have one of these? The stability of XCP would end up being the stability of the weakest chain it ever floated on