Author: Peter Todd 2015-12-30 20:16:12
Published on: 2015-12-30T20:16:12+00:00
Emin Gün Sirer and Ittay Eyal came up with a technique to unite bitcoin factions called Bitcoin-United. The idea is to eliminate double-spends by placing transactions from one chain on another, and by taking the intersection of transactions on both chains when considering whether a payment has been received. They also propose enabling minting of new coins and collection of mining fees on both chains while preserving the 21M maximum through creating a one-to-one correspondence between coins on both chains. The technique can create a cohesive coin in the aftermath of a fork even if the core developers are split, and even if one of the forks is non-cooperative. It opens up new game-theoretic questions, such as what happens to native clients who prefer one chain over the other and what will happen to the value of native-A or native-B coins. The authors are actively working on these questions, but shared the Bitcoin-United idea mainly to receive feedback and provide hope about future consensus to the community.
Updated on: 2023-06-11T02:54:44.467906+00:00