Author: Adam Tamir Shem-Tov 2017-08-26 19:21:16
Published on: 2017-08-26T19:21:16+00:00
The author proposes an idea to solve the scalability issue for bitcoin. The proposal involves combining and pruning the blockchain in its entirety every 999 blocks to one block, leaving only the genesis block. This pruned block would be verified by full nodes before accepting a new block. The ledger will always be at a maximum of 1000 blocks. All the outputs needed to verify early transactions will be in the pruning block, while the intermediate transactions are irrelevant. The transaction chain would also need to be rewritten to delete all intermediate transactions. The pruning block holds all up-to-date account balances, making cheating impossible. The pruning block could be created by already existing information on each full node, gradually over time. The next block will use this hash code as its reference. This block will always be second, thus named the "Exodus Block." The pruning block may get extremely large in the future but can be solved by creating a minimum transaction fee of 100 satoshis.
Updated on: 2023-05-20T03:26:55.112363+00:00