Author: Thomas Guyot-Sionnest 2017-08-26 21:41:34
Published on: 2017-08-26T21:41:34+00:00
A proposal to solve the scalability problem in Bitcoin was made by Adam Tamir Shem-Tov via bitcoin-dev. The proposal involves minimizing blocks on the blockchain to reduce hard drive space without losing relevant information. To achieve this, a special account, called the "Genesis Account," would be created. This account's private key and public key would be available to everyone, but it would not be able to send or receive funds in a normal block. The Genesis Account would only be used in the pruning block (Exodus Block) to legitimize funds that are now in accounts. All funds in the Exodus Block would show as though they originated from and were sent by the Genesis Account using its private key to generate each transaction. To expand the number of Bitcoins, the Genesis Account would also show as though it was mining the coins, and it would be the only account in the Exodus Block receiving the mining bonus.
Updated on: 2023-06-12T15:05:16.273706+00:00