How would ppl trade scBTC with each other?
Example:
Simplified version of exchange.
1. I can create bid/ask Merger as SC.
- it can be implemented as central authority server b/c it cannot move coins (I'll remove feature send coins from this mergerSC)
- merger can only pair bids and asks (new featue I'll add) => Merger will create proof (Merger creates signature that he found signed bid by A that match signed ask by B) => in fact merger mines blockchain as list of trades.
2. now I can create 2-way-peg (Federated Peg, Oracle or by Bitcoin protocol)
- I can deposit asset into Merger
- I can withdraw asset from Merger because I can create proof from merger-blockchain.
- Merger can be easy audited
3. Merger feature cannot be implemented on MC b/c it requires to remove feature "send coins" and new blockchain concept.
Edit:
Trying to explain it more.
It will look same as gox (gox will have goxBTC not real bitcoins)
I'll use proof of trading and 2wp (Federated Peg, Oracle or by Bitcoin protocol) gives me real bitcoins.