Public Data Principle

It follows from the risk sharing principle that system security depends upon covert mining and trade. As detailed in Balance of Power Fallacy a coin exists as a market between miners and merchants for confirmation of transactions.

The necessarily covert activities are listed by role:

Miner

• obtain blocks [to build upon]
• obtain transactions [to earn fees from]
• create and distribute blocks [to cause others to build upon]
• receive payment for confirmations [to finance operations]

Merchant

• obtain blocks [to validate customer payment]
• obtain transactions (optional) [to anticipate customer payment]
• create and distribute transactions [to obtain customer payment]
• make payment for confirmations [to compensate confirmation]