Published on: 2017-08-27T11:33:04+00:00
Adam Tamir Shem-Tov proposed a solution to the scalability problem in Bitcoin by minimizing blocks on the blockchain without losing relevant information. This involves rewriting the transaction chain and creating a special account called the "Genesis Account." The Genesis Account's private and public keys would be available to everyone but would not be able to send or receive funds in a normal block. 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 and the account would also receive the mining bonus by pretending to mine all coins in the Exodus Block. This proposal aims to address the storage space issue before it becomes too expensive for private citizens to afford, potentially compromising the decentralization of Bitcoin.
Updated on: 2023-08-01T21:28:57.729455+00:00