Author: Adam Tamir Shem-Tov 2017-08-26 21:01:56
Published on: 2017-08-26T21:01:56+00:00
The article discusses a solution to the scalability problem in blockchain technology. The author proposes minimizing blocks on the blockchain to reduce the amount of space it takes on the hard drive without losing any relevant information. However, to change the transaction and block chain, one needs to know the private key of the sender of funds for each account. To circumvent this problem, a special account called the "Genesis Account" can be created. This account's public and private keys will be available to everyone but cannot send or receive any funds in a normal block. It will only be used in the pruning block, known as the Exodus Block. When creating a new pruned block chain and transaction chain, all funds in accounts must be legitimate, and it would be difficult to legitimize them unless they were sent from a legitimate account with a public and private key that can be verified. The Genesis account comes in handy here. All funds in the Exodus Block will show as though they originated and were sent from the Genesis Account using its private key to generate each transaction. The funds sent must match the funds existing in the most updated ledger in block 1000.To ensure that the number of Bitcoins keeps expanding and the funds in the Genesis Account expand as well, the account will have to show as though it is mining coins. It will be the only account in the Exodus Block that "mines" the coins and receives the mining bonus. In the Exodus Block, all coins mined by real miners will show as though they were mined by Genesis and sent to the miners through a regular transaction.
Updated on: 2023-06-12T15:06:17.156065+00:00