Author: Jorge Timón 2017-08-27 11:33:04
Published on: 2017-08-27T11:33:04+00:00
The issue of storage space in relation to Bitcoin's scalability has been a topic of discussion for several years. On August 26, 2017, Adam Tamir Shem-Tov proposed a solution to the problem of minimizing the blocks on the blockchain without losing any relevant information. However, changing the transaction and block chain requires knowing the private key of the sender of the funds for each account, which is not feasible. To circumvent this issue, Shem-Tov suggested creating a special account called the "Genesis Account," with its private and public keys available to everyone but unable to send or receive any funds in a normal block.The Genesis Account would be used only in the pruning block or Exodus Block when creating the new pruned block chain and transaction chain. All the funds that are now in accounts need to 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. This is where the Genesis account comes in. 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.To expand the number of Bitcoins, the funds in the Genesis Account need to expand as well. Shem-Tov suggested showing as though this account is the account mining the coins, and it will be the only account in the Exodus Block "mining" the coins and receiving the mining bonus. In the Exodus Block, all coins mined by the real miners will show as though they were mined by Genesis and sent to the miners through a regular transaction.Shem-Tov believes it is about time to stop ignoring the issue of storage space and realize that something needs to change before only private multi-million dollar companies have full nodes because no private citizen will have the storage space to keep it.
Updated on: 2023-06-12T15:05:46.779257+00:00