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Verus PBaaS general flow

From Verus discord #pbaas-development

miketout04/14/2019
The general flow is this:
1. The initiator of the PBaaS chain can define a chain and currently defines a billing period for notarization as well as an initial payment for notarization as well as all parameters, schedules, etc. for the chain to run.
2. There is a period, not yet implemented, after that and before the starting block of the chain, where people can fund the chain through a transaction that will do one of two things... a) go to the chain initiation address in exchange for a pre-sale, which can be converted on the chain after it starts, or b) go into a chain reserve (this is the feature I have not spoken much about) and be used as a reserve for a Bancor-style fractional reserve currency, exchangeable on the PBaaS chain itself for Verus and vice versa. Reserve currency support will be added after the test chains are running and where the first step will allow people to offer currency for sale as part of the premine/presale, the reserve support offers a new model.
3. Once a chain starts, and is auto-notarized, whether or not the notarization rewards run out, all transactions that happened before notarization ended on either chain, for example, funding of the pre-sale, can always be redeemed on the chain. Fractional reserve currencies will need notarization to function.
4. Notarization is paid per block, but people notarizing, which will be either stakers on the PBaaS chain that also run a Verus node, or merge miners, will earn 8 or more blocks at a time, since there is a minimum distance of 8 blocks between notarization.
5. Merge miners can mine up to 15 chains at a time and notarize more through staking.
6. Available chains on the network can be queried and connected to.

To a question about how industry will utilize what mike is building, this response:

miketout04/15/2019
@Hollowman9000 literally anyone who needs an industrial strength, public blockchain behind their project, either to support application functions, such as polls, paid or free, voting or public services, loyalty currencies that can be mined and staked, soon liquid reserve currencies with a Bancor-like exchange capability to/from Verus, or even as a starting point for a completely new project, will now be able to create it through transactions, no servers of their own needed, and all of us, the miners and stakers on Verus will be able to see, worldwide, what services are requested by others worldwide and what earning opportunities through mining, staking, notarization, and running nodes, Electrum services, participating in applications, etc. are available. The fractional reserve currencies and pre-sales are going to be implemented shortly after the PBaaS test network is available for everyone. Then we will optimize, test, harden and release to mainnet.

And about one possible mechanism for starting and rewarding participants:

miketout04/15/2019
Currently, notarizations are paid in Verus, and notarization can be performed either by merge miners or stakers of the new chain. That way, the holders of the new chain’s coin have the majority of say on correctly notarizing the chain, but they are cross-checked by Verus miners across the network. “Free” polls or elections can be free to the voters. They could even pay the voters to participate, but someone would need to pay some amount of Verus to startup the vote chain.
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