Author: Enrique Arizón Benito 2018-01-15 22:47:54
Published on: 2018-01-15T22:47:54+00:00
A proposal for reducing the power consumption of mining while keeping the network safe and miners cooperative has been introduced. The concept of "next-coinbase" for miners is suggested, where any miner submitting a block will submit the "next-coinbase" for any new block mined by itself. The consensus algorithm will add checks to ensure that there is a match up to N bits for the next "next-coinbase" from the next block to be valid. This means that for the next block, only 1/2^N bitcoin addresses will be accepted from the previously submitted "next-coinbase" list. New miners are not allowed in this scheme, so a special block called "new-miner-block" needs to be created by new miners to register themselves and submit their "next-coinbase". This special block will not be rewarded with bitcoins; the only reward will be permission to mine in following blocks.
Updated on: 2023-06-12T23:50:01.631323+00:00