A recipe for creating fully decentralized cryptocurrency exchanges today
Our requirement is for some large number of independent parties to collaboratively control a standard Bitcoin address, such that users can send their bitcoins there, but bitcoins can only be transferred out upon agreement between some threshold proportion of those parties. For example, let’s imagine our exchange will have 50 custody “guardians” drawn from well-known and independent persons and companies inside the crypto industry. They must control a Bitcoin address where users can send their bitcoins in exchange for XBT tokens hosted within the exchange on Ethereum, and they must be able to dispense bitcoins from this address to those redeeming XBT tokens. Traditionally in cryptography this kind of functionality is created using “threshold signatures”.
我们的要求是一些大量的独立的各方协同控制的比特币的地址,这样用户可以发送他们的比特币,但比特币的转出需要各方协同。举个例子,假设我们的交流将有50个“监护人”来自著名的和独立的个人和公司内部加密行业。他们必须控制比特币的地址,用户可以用他们的比特币换取XBT令牌,他们必须能够从这个地址分配比特币兑换成XBT令牌。传统的密码学这种功能创建使用“门限签名”。
We need to create an incentive scheme for our guardians, since we wish to involve and advertise trustworthy persons and companies who will not disappear or collude. The simplest means is to grant them a small transaction fee on all withdrawals from the exchange.
我们需要创建一个激励方案对于我们的监护人,因为我们希望涉及和值得信赖的个人和企业广告不会消失或勾结。最简单的方法是给他们一点交易费。
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