Published on: 2015-05-20T06:26:11+00:00
BitPay has recently unveiled its whitepaper on ChainDB, a novel peer-to-peer database system that utilizes the Bitcoin blockchain. The document outlines BitPay's proposed consensus mechanism, known as proof of fee. However, critics have voiced concerns regarding potential risks associated with this approach. They argue that miners may be inclined to sell the inclusion of "high-fee" transactions in blocks they mine for significantly lower amounts than the risk of blocks being orphaned, allowing other miners to collect those fees. To address these concerns, Peter Todd suggests implementing direct provably unspendable OP_RETURN sacrifices and making ChainDB chains private. Additionally, Todd emphasizes the need for a clear statement on ChainDB's objectives and what it aims to prevent from occurring. He also notes that while Bitcoin does not securely store data, it does verify the publication of data. The discussion also touches upon Zookeyv and Factom.In light of the aforementioned criticisms and uncertainties surrounding ChainDB, it remains unclear what exactly the proposal seeks to achieve and prevent. The use of transaction fees as "proof" poses inherent risks, prompting suggestions to explore alternative measures such as direct provably unspendable OP_RETURN sacrifices. Furthermore, it is recommended that ChainDB chains be kept private, accompanied by a comprehensive articulation of the system's goals. It should be noted that Bitcoin's primary function is not secure data storage but rather confirming the publication of data. Lastly, there are some comments pertaining to Zookeyv and Factom, although no further details are provided.For more information, interested individuals can access BitPay's whitepaper on ChainDB through the following link: https://bitpay.com/chaindb.pdf. Eric Martindale, BitPay's CTO, welcomes any inquiries or clarifications regarding the paper's content.
Updated on: 2023-08-01T12:45:37.498713+00:00