Quote from: CIYAM on August 28, 2014, 04:31:28 PM

Quote from: SlipperySlope on August 28, 2014, 04:23:00 PM

Ok. In this system each full node has a copy of the root certificate. The distributed certificate servers use an intermediate X.509 certificate. Validation by TLS/SSL endpoints at the full nodes perform validation of the chain from root --> intermediate --> end-user, which is a software agent role.

Suppose the root key is lost somehow. The chain validation still works. The software does not check for certificate revocation. Bad nodes are simply banned.

The issue is not "lost somehow" but "stolen/leaked somehow" - so the system can be "played" if those at the "top" decide to be corrupt (or are cheated).

I suppose then that the root certificate private key should be destroyed immediately after creating a sufficient number of intermediate certificates. The system treats the root certificate as it treats the blockchain. Each is widely replicated and tamper-evident by way of comparing the local copy with what all the other peers have. This notion is resistant to byzantine faults up to 50% invalid peers.

In contrast to Satoshi's Bitcoin, a cooperative system can use a portion of the block rewards to employ data security firms to perform periodic audits as does the payment card industry. I would have this system at least as secure as the existing payment systems.