Author: Mike Hearn 2013-05-16 19:35:29
Published on: 2013-05-16T19:35:29+00:00
The Bitcoin Grant initiative is offering a financial incentive of 500 bitcoins or $500,000 for the continued modularization of the Bitcoin system. The aim is to separate the wallet from the node, as mining has already been separated, to create a smarter and more efficient system. This would involve the wallet passing transactions directly to a relay node based on the bloom filter, while the block node maintains the blockchain. The goal is to increase the node count, which currently is fairly low, and prevent cancer attacks. However, the suggestion is to get tightly written technical requirements from people in the know and contract with developers to minimise risk. Separating the wallet code from the main Bitcoin process won't increase node count as the cost of running the node is almost all in keeping up with transaction traffic, and time spent in the wallet only dominates for large merchants or exchanges. An SPV wallet like bitcoinj connected to a personal node can already do this. Feedback and suggestions are welcome, and grant proposals can be submitted at http://bitcoingrant.org.
Updated on: 2023-06-06T17:07:51.885321+00:00