Quasi-consensus is a term that was coined recently[1] for a well-known problem: there exists network wide configuration values that, if inconsistent, cause undesirable network behavior (but do not cause a fork). For example, the minimum fee required to relay transactions is quasi-consensus because “Mallory” could more easily double spend transactions…

Abstract There are two broadly different consensus strategies being employed by blockchain technologies today: miner and client consensus. Miner consensus is what is implemented in Bitcoin, so should be familiar to readers. In the client consensus model, the blockchain does not enforce validity rules. …

Description OP_UNIQUE is an attribute or attribute opcode that associates a piece of miner-enforced unique data with a TXO. In a manner similar to how the UTXO set prevents doublespends, all blockchain validators must keep a UUDO (unspent unique data output) set to disallow any transaction that associates an already-associated piece…

In the weeks approaching the fork, ad-hominem attacks were tweeted and positions were taken that made the BSV fork inevitable. But fracturing of the community is by definition counter to our goal of one worldwide cash, so we should not be happy about this outcome. …

Layer 2 “smart” contracts typically spend participant’s money to an N of N multisig controlled by all participants, and/or an arbiter. To be a bit sardonic, in this architecture you get to use cool, trendy “smart contracts” up until someone honest thinks something went wrong, or someone dishonest thinks that…

Where’s the Beef? You have been told that Bitcoin is a Turing decider, or Turing complete (within script size and stack limits), so where are the all the smart contracts? Forget about “smart” ones, where are the “dumb” ones? Where are the simplest scripts that have conditional payments based on something other than…

(originally published on google docs July 19, 2018) Tokeda is being heavily promoted to the public as an alternative to Group tokenization, so I would like to offer the following detailed review. For your reference, the Tokeda specification is located at: http://media.lokad.com/bitcoin/tokeda-2018-04-30.pdf. …

(originally posted on yours.org in Oct 2018) It may not be immediately apparent, but permissionless innovation of layer 2 blockchain features and reliable acceptance of payment before confirmation (0-conf) are in conflict. The conflict arises around the concept of “standard transactions”. …