Re: [ANN+IPO]Storagecoin-A Nxt Parallel chain Based Proof-of-Storage Cryptocurrency
Are you sure Nxt parallel chains will work the way you described it? https://nxtforum.org/parallel-blockchains/what-the-status-of-parallel-blockchain-for-nxt/
The Storagecoin Parallel Chain
Each node in the Nxt Parallel Chain is a blockchain. Each blockchain tracks a random subset of the wallets on the network, and each wallet belongs to only a single blockchain. Each parent node has aggregate information about its children, as in the following example:
In the diagram you can see that blockchain 1.1 tracks wallets 1.1.w1 and 1.1.w2. The combined balances of all the wallets in 1.1 is 4, so 1.1 reports its aggregate balance as 4. Similarly, blockchain 1 tracks the two blockchains 1.1 and 1.2, which have a combined balance of 14. Blockchain 1 then reports its aggregate balance as 14.
When sending a transaction, transactions travel through the Parallel Chain:
Here we have two example transactions. The first is from 2.w1 to 2.w2. Blockchain 2 confirms that 2.w1 has sufficient balance, and then confirms the transaction. In this case, only a portion of the network knows about the transaction, as the aggregate balance of blockchain 2 did not change.
In the second example, 1.w1 sends money to 2.w2. First blockchain 1 confirms that 1.w1 has sufficient balance. Then, the root blockchain confirms that blockchain 1 has enough aggregate coins to send the transaction to 2.w2. The root blockchain does not know about wallet 1.w1, it only knows that blockchain 1 has a large enough aggregate balance to send money to 2.w2. Finally, blockchain 2 receives the transaction and allocates the coin to wallet 2.w2.
Each node in the Nxt Parallel Chain is a blockchain. Each blockchain tracks a random subset of the wallets on the network, and each wallet belongs to only a single blockchain. Each parent node has aggregate information about its children, as in the following example:
In the diagram you can see that blockchain 1.1 tracks wallets 1.1.w1 and 1.1.w2. The combined balances of all the wallets in 1.1 is 4, so 1.1 reports its aggregate balance as 4. Similarly, blockchain 1 tracks the two blockchains 1.1 and 1.2, which have a combined balance of 14. Blockchain 1 then reports its aggregate balance as 14.
When sending a transaction, transactions travel through the Parallel Chain:
Here we have two example transactions. The first is from 2.w1 to 2.w2. Blockchain 2 confirms that 2.w1 has sufficient balance, and then confirms the transaction. In this case, only a portion of the network knows about the transaction, as the aggregate balance of blockchain 2 did not change.
In the second example, 1.w1 sends money to 2.w2. First blockchain 1 confirms that 1.w1 has sufficient balance. Then, the root blockchain confirms that blockchain 1 has enough aggregate coins to send the transaction to 2.w2. The root blockchain does not know about wallet 1.w1, it only knows that blockchain 1 has a large enough aggregate balance to send money to 2.w2. Finally, blockchain 2 receives the transaction and allocates the coin to wallet 2.w2.