Quote from: [mike] on May 04, 2011, 07:44:42 PM

Burning coins wasn't very well thought out, I had to get back to doing real work by the end of writing that so it was rushed Wink

A simpler way that's compatible with the BitCoin of today is just to sign the NameTx with a private BitCoin key that has sufficient coins in it. If you spend those coins the name is automatically relinquished. The name network can simply ask BitCoin "what is the balance of this address" to find out if the name is still valid or should be released.

It'd be a bit annoying with todays software because there's no good way to stop BitCoin using some coins to make new spends. But there are patches floating around to let you extract keys out of BitCoin and re-import them, I think sipa was working on it. So to buy a name that costs 10 BTC you'd send that much to a new address owned by yourself, then export that keypair, then import into the NameCoin software which would use it to sign the NameTx. In practice this would be all automated by the NameCoin software that runs alongside BitCoin.

Are you referring to the actual Namecoin project that I started, or to another system?

I intend to implement cross-mining between chains but I don't see the value of sharing keys between the chains. There will be exchange markets converting btc to nmc. There were actually already some transactions along these lines.

vinced

Posts

Merits