The real world implementation of the proposal here.
As presented at the September 2015 Montreal Bitcoin Scalability Conference.
Sidechain Elements is a collection of experiments to bring more technical innovation to Bitcoin.
https://github.com/ElementsProject/elementsproject.github.io
Read details and future in the project documentation
"Blocksize Market" is a version of Bitcoin where a great deal of functionality has been removed. User-activities are limited to the following:
- Deposit Bitcoin (ie: xfer coins, from the Bitcoin mainnet, to this Sidechain).
- Withdraw Bitcoin (ie: xfer coins, from this Sidechain, to the Bitcoin mainnet).
- Buy shares (see below).
- Sell shares.
- Set final market prices.
The 5th activity can only be performed by a pre-selected panel of Reporters, after August 1st, 2016.
- Familiarize yourself with the Bitcoin / elements codebase.
- Familiarize yourself with trading via market scoring rules.
- Help me combine the two!
Markets with MSRs do not need complex order book trade-matching technology. They are updated with a single formula, by a single-party atomic state update (just like passing around a single Bitcoin). They have already been implemented in my larger project, Truthcoin.
The remaining technical piece is a simple "freezing" of the market prices (also already implmented in Truthcoin) at their final values. However, while in Truthcoin this is very complex, here we want something different and simpler: 4 of 7 multisignature reports.
From there, all that will be required will be to:
- Select the Blocksize proposals which, we feel, merit inclusion.
- Select the Reporters ("oracles").
- Initialize the chain with our chosen market.
- Test this on the Bitcoin testnet.
- Launch it on the Bitcoin mainnet.
The Blocksize Markets project is released under the terms of the MIT license. See COPYING for more information or see http://opensource.org/licenses/MIT.