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Created April 30, 2019 12:07
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Verus Wallet Using PBaaS for Discovery & Exchange

In response to a new wallet and it's functionality with PBaaS:

PBaaS is not something that you'll probably see first as a new wallet, as we'll be testing across the community for a little while. It's actually a scalable system of coordinated blockchains with Verus at the core. Right now, I'm running one PBaaS chain, and merge mining, as I wait until its start block. You can now define chains, start chains, connect to either Verus or the test network to get all the information about available PBaaS chains, and start them up based only on a connection to Verus. After the chain has been loaded once from Verus, or if you were able to get the parameters another way, such as a simple install or config file, you can then load the PBaaS chain anytime, whether Verus is running or not. All PBaaS chains can mine independently, similar to how any chain does today, or if you either just run them on the same PC or on multiple PCs that point to each other, they will recognize when different chains come up and down automatically and merge mine as much as possible, or drop back to independent mining if either Verus/VerusTest becomes unavailable or all other merge mined chains are closed.
The new wallet will let you start, discover, and connect to chains, but due to the scale of this upgrade, the fact that no one has actually done this before as a fully decentralized protocol, and the fact that PBaaS will be a system of virtually unlimited, Verus-connected blockchains, we're going to run PBaaS as a test system for a little while, as we refine it and finish a full set of things corporate users (to be named) need and that we believe it should have as we harden it for release. With the first test system, which I'm hoping to make available later this week (you can build from my repos now), you will be able to start chains, run them, merge mine, etc. Auto-notarization is in, but it will be improved/completed/hardened as well. Finally, after the test chain is in place, we will complete a liquid reserve capability that will enable Verus to be an actual reserve currency for other chains and currencies, complete with on-chain 100% liquid trading across all fractional reserve coins in the Verus ecosystem. The best way right now to understand that is to first look at Bancor, then understand that it will be a built in ability to convert to and from Verus on any fractional reserve chain with the only fees being network fees, not those of an exchange. It will also still allow mining and staking of reserve chains, which will simply inflate supply relative to reserve, while still leaving everything liquid.
All the Komodo interoperability we have now should remain, and all PBaaS chains will be able to get notarized independently and interoperate with Komodo/Barterdex and all the chains that they do. The Verus reserve and liquidity protocol will actually enable any PBaaS chain that is a fractional reserve to exchange to and from Verus on the PBaaS chain itself, which will enable us to solve the front running problem inherent in decentralized trading. Each PBaaS fractional reserve chain will know its value relative to Verus, based on the same kind of pricing formula as you can see in the Bancor whitepaper, slightly modified for mineable / stakeable chains. If you want to buy any fractional reserve currency in the Verus ecosystem, you will move some Verus to that chain, and you would buy it on the chain, with no need for a counterparty, meaning you would be able to sell without a buyer and buy without a seller. If you want to sell, you would sell it on the chain and then optionally move Verus back to the Verus chain. The chain's rules, miners, and stakers control the chain's reserves, which are increased when people buy and decreased when people sell. There are other ways to increase and decrease as well.
Not all PBaaS chains will be fractional reserve chains. Not all PBaaS chains will actually have currency that you can buy, for example voting chains.

here's the Bancor whitepaper, if anyone is interested in prior art background:

In addition to PBaaS itself, the solution for front-running, which is considered by some to be a serious issue in decentralized exchanges, said to be intractable by the blockchain group at Cornell, is an approach that we expect will be unique to Verus until other projects understand and either re-implement these technologies themselves or just join our community and help us all move Verus forward
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