It would be wouldn't it?
The double spend problem is not solved.
And how could it be if it works offline. If I have a phone in some state s. Then I can just do the transaction and revert the phone's state back to s and spend the money again.
The double spend problem is not solved.
And how could it be if it works offline. If I have a phone in some state s. Then I can just do the transaction and revert the phone's state back to s and spend the money again.
Every time you create Euros, you simply create a negative balance. If you offline sign multiple I Owe You contracts, you accumulate debt. Just like in the real world, if you sell your house to 12 different banks, you have a (felony-level) problem. We ensure that double spending is detected with certain guarantees. Each micro-block with a transaction within Trustchain needs to be signed by two parties, so each copy is valid. Block hiding attacks wont work then.
The proof-of-work system is very elegant. The emergent properties of mining have created an amazing ecosystem. But slow finality might be a showstopper for mass uptake. Our alternative with instant finality using multiple legally binding signatures might offer a way out.