Author: Peter Todd 2015-12-23 01:31:19
Published on: 2015-12-23T01:31:19+00:00
Segregated witnesses separates transaction information from the information proving those transfers were legitimate, making validationless mining easier and more profitable than the current status quo. However, this can be fixed by changing the protocol to make having a copy of the previous block's (witness) data a precondition to creating a block. Validationless mining is when a miner creates a new, valid, block building upon another miner's block without validating it. With segregated witnesses, miners can reduce latency and improve their profitability. The nightmare scenario is that the main code path that creates blocks does no validation at all. To fix this issue, there should be a previous witness data proof requirement for creating a block with transactions. This solution is a soft-fork. It is also proposed that adding a random selection of previous blocks to the previous witness data proof solution could solve the problem of miner theft and currency inflation.
Updated on: 2023-06-11T02:43:47.245363+00:00