Author: Peter Todd 2015-05-20 06:26:11
Published on: 2015-05-20T06:26:11+00:00
BitPay has released a whitepaper on ChainDB, its new peer-to-peer database system that is backed by the Bitcoin blockchain. The paper outlines BitPay's intended consensus mechanism, which is proof of fee. Critics have said that this creates risks, including miners being able to sell the inclusion of "high-fee" transactions in blocks they mine for much less than the risk of blocks being orphaned and other miners getting those fees. Peter Todd suggests that direct provably unspendable OP_RETURN sacrifices be implemented instead and that ChainDB chains should be private. He also says that there needs to be a clear statement about what ChainDB aims to accomplish and prevent from happening. Furthermore, he points out that Bitcoin does not securely store data; it proves the publication of data. There are also comments on Zookeyv and Factom.It is unclear what exactly ChainDB's proposal is attempting to accomplish and what it attempts to prevent from happening. There are risks associated with using transaction fees as "proof," and critics have suggested implementing direct provably unspendable OP_RETURN sacrifices instead. Moreover, ChainDB chains should be private, and there needs to be a clear statement about what ChainDB is trying to achieve. Additionally, Bitcoin does not securely store data; it proves the publication of data. Finally, there are comments on Zookeyv and Factom.
Updated on: 2023-06-09T21:08:43.186940+00:00