Author: Christian Riley 2017-08-26 21:42:16
Published on: 2017-08-26T21:42:16+00:00
The problem of scalability has been a recurring issue in the world of Bitcoin, with several proposals being discussed over the years. Adam Tamir Shem-Tov recently shared his ideas on how to minimize the blocks on the blockchain without losing any relevant information. However, he noted that the transaction chain needs to be rewritten, and went on to propose the creation of a "Genesis Account" to solve this problem. The Genesis Account would have a public and private key available to everyone, but would be blocked from sending or receiving any funds in a normal block. Instead, it would only be used in the pruning block or Exodus Block, where all funds must be legitimate and sent from a verified account. The funds in the Exodus Block would appear as though they originated from the Genesis Account, which would also receive the mining bonus by pretending to mine all coins in the Exodus Block. This would help to ensure the validity of the Exodus Block and prevent fraud.
Updated on: 2023-06-12T15:05:26.611615+00:00