Author: Jorge Timón 2013-07-13 09:51:14
Published on: 2013-07-13T09:51:14+00:00
The concept of the proposal is to make bitcoins and zerocoins fungible - different characteristics would mean different currencies. A concern was raised regarding pegging zerocoins to bitcoins, which could be highly controversial. The scalability problem arises when validating multiple chains for bitcoin mining. Peter Todd and Mark Friedenbach are working on a protocol modification to support issuance of arbitrary assets called Freimarkets. They suggest that instead of large blocks, one transaction should be made into its own block, with each transaction referring to the previous one in history. Sacrificing zerocoins (specific fractions) is the correct approach to creating zerocoins from provably sacrificing bitcoins. Consensus algorithm should be that whoever sacrifices the most wins. Sacrifice in this manner is not proof of stake. Turning zerocoins back into Bitcoins is just supply and demand: sell them. Finally, there's nothing wrong with running multiple parallel zerocoin blockchains.
Updated on: 2023-06-06T19:45:21.895655+00:00