Author: Tom Harding 2014-04-24 00:55:18
Published on: 2014-04-24T00:55:18+00:00
In an email sent on April 23, 2014, Tier Nolan proposed an interesting experiment of a transaction "proof of publication" chain. His idea suggested that transactions could simply point back to an earlier transaction forming a chain, creating an official publication (execution) order. Nolan noted that this would not be a separately mined blockchain but rather a way to establish immediate action against double spends through such a sequence. Transactions in a block could eventually be required by miners to connect in such a chain and they would have to keep or reject a whole mempool chain since the keys to change the sequence were lacking. Miners would also have to prune a whole tx subchain to insert a double spend which would still require private keys to the double spend utxo's.However, Nolan admitted that this idea seemed promising until he realized that it would barely scale to today's transaction rate due to the collision rebasing required. He concluded that something that scales to 10,000's of transactions per second, and really without limit, is needed. He wrote it up and shared his idea in detail on GitHub at https://github.com/dgenr8/out-there/blob/master/tx-chains.md.
Updated on: 2023-06-08T20:59:59.753179+00:00