Replying to Avatar jimbocoin 🃏

#Bitcoin Idea: Proof-of-Reserves-as-a-Service (PoRaaS)

The customer, who needs to “prove” their reserves, pays a fee and specifies a message to sign. The PoRaaS provider receives the fee and signs the message with a UTXO of sufficient size.

What would be a good fee rate for this? I’m thinking 1%. So if you need to prove you have 1 BTC, you’d pay a PoRaaS provider 1M sats for a signature.

Avatar
GreatGrandMan 2y ago

1% way too high. How about 0.0001%

Reply to this note

Please Login to reply.

Discussion

Avatar
jimbocoin 🃏 2y ago

Hardly seems worth it. 😬

I guess the thing to do is to run an auction. Probably Dutch. So whoever bids most gets it for the price offered by the runner up.

Thread collapsed