[chmike]

I didn't mean to generalize the use of certificate. It would be for a specific protocol for a specific application. I just wanted to justify that we are not required to use three way handshake.

Revocation is indeed a weak point of this solution as it would take time, probably a transaction, to check. This problem might be mitigated by shortening the certificate validity duration.

I don't see why time synchronization would be critical if the validity periods are slightly overlapping.