Author: Tier Nolan 2015-12-20 15:50:57
Published on: 2015-12-20T15:50:57+00:00
The suggested solution for the current block size issue in Bitcoin is to use the "nuclear option" which would destroy the current chain and convert it into a chain of coinbases. The same Proof of Work (POW) would be used to start the new chain and everyone would be given credit in the new chain equal to their credit in the old chain. However, it would be better if the current chain was not destroyed and this could be achieved by adding the hash of an extended block into the coinbase without requiring the coinbase to be the only transaction. The new block would consist of the legacy block plus the associated extended block. Users would be allowed to move money to the extended block by spending it to a specific output template. OP_1 is the extended block index and initially, only one level is available. This would work like P2SH and users could spend money on the extended block chain exactly as they could on the main chain. Money can be brought back the same way with OP_0 OP_UNLOCK OP_TRUE.The txids are for transactions that have been locked in root chain and the transaction is only valid if they are all fully funded. The fee for the transaction would be fee - (cost to fund unlocked txids). A negative fee tx would be invalid. This approach has the advantage of keeping the main chain operating, so people can still send money with their un-upgraded clients. There is also an incentive to move funds to the extended block(s), as the new extended blocks are more complex but potentially have lower fees. Nobody is forced to change and if the large blocks aren't needed, nobody will bother to use them.The suggested rule is to keep the current 1 MB block size limit in place for now, then increase it to 2 MB after the changeover, to 4 MB after 2 years, and to 8 MB after 4 years.
Updated on: 2023-06-11T02:39:53.948294+00:00