Author: Tier Nolan 2014-04-23 21:23:08
Published on: 2014-04-23T21:23:08+00:00
The email conversation between Gregory Maxwell and Adam Ritter discusses the idea of a transaction "proof of publication" chain. This chain would add each transaction when it's received and could be merge mined with the main chain. The size limit would prevent spam protection, and blocks could be discouraged if they violate the order on the chain, so miners couldn't include double spend transactions. The locktime/final field could be used for replacing transactions. The chain could use fast block proposals and include orphans of a block when computing its POW. Ritter suggests a faster blockchain for transactions as a solution to the problem, but Maxwell points out that large scale consensus can't provide instantly irreversible transactions directly. Increasing block speed wouldn't help once time starts getting close to the network diameter. Other chains with different parameters might achieve a different tradeoff better suited to low-value retail transactions. However, there is no silver bullet, and centralization is necessary to get something identical to what centralized services offer.
Updated on: 2023-06-08T21:00:15.457409+00:00