Author: Damian Gomez 2015-05-11 20:20:46
Published on: 2015-05-11T20:20:46+00:00
The author of the text discusses the issue of increasing the block size in Bitcoin. They propose adding a prepend to the hash chain itself that would verify integrity within a set of transactions and the originator themselves. This would provide a consensus system that takes into account personal levels of integrity. The author also suggests using a variant of the WinterNitz OTS to add signatures with every wallet transaction, which would further enhance the security of the system.The signature would be hashed for an intermediate proxy state that verifies and evaluates the trust function for receiving transactions. The evaluation loop would be a state in which mining power and rewards derived from them provide a higher level of integrity as provided for the "brainers" of a system who are then the "signatures" of transaction authenticity. There is difficulty in obtaining brainers, but fees would only apply insofar as they create authentic transactions based on the voting power of the received nodes.The author believes that a transaction system could exist to promote integrity being the basis for sharing information. However, there is a lack of clear vision from both sides for the steady-state regime of Bitcoin and how to get there. The community has been discussing long-term mining incentives and the potential for increasing the maximum block size to compete with VISA. However, there are concerns about physical limitations and the slow verification process of ECDSA signatures on a CPU core.Some suggest developing off-chain infrastructure like the Lightning network instead. Others argue against reducing the block rate and increasing the bandwidth of mining pool servers, as it may encourage centralization, reduce network security, and require SPV wallet upgrades. Furthermore, there are concerns about wasted work from stale blocks, the risk of creating bloated blocks, and the potential for cheaper DoS attacks on nodes.Gavin Andresen believes that proof-of-work may not be the final solution for securing the chain in the long-term and that alternative methods may emerge in the next 10-20 years. He also believes that Bitcoin's incentives are correct, and smart individuals will make it work. Nonetheless, predicting what will happen decades from now is difficult.
Updated on: 2023-06-09T20:48:12.615208+00:00