brickchain

Summary:

In a discussion on the Bitcoin-dev mailing list, user mm-studios proposed an idea to increase throughput in the Bitcoin network without increasing block size. The current PoW algorithm limits the global settlement throughput to a reduced number of transactions per second. Big-blockers proposed the removal of limits, but this was widely discussed and rejected due to undesirable effects. The proposal aims to let all transactions go in the current block while keeping the block size small. The proposal suggests allowing a miner to include transactions until the block is filled, calling this structure a "Brick". Once a miner finds a nonce for the block that satisfies the condition, the new block becomes valid and can be propagated. Fully filled brick B0 with a hash that doesn't meet the difficulty rule would be broadcasted, and nodes would have it in a separate fork as usual. At this point, instead of discarding transactions, the miner starts working on a new brick B1 linked with B0 as usual.Reduced settlement speed is seen as a desirable feature, and the focus should be on layer 2 protocols that allow the ability to hold and transfer uncommitted transactions as pools or joins so that layer 1's decentralization and incentives can remain undisturbed. L2 systems like Lightning Network are considered vastly superior, and layered financial systems add fees to users. To avoid undermining L2 systems like LN and not increase the workload of full-nodes, the proposal suggests that layered financial systems are the best way to go. This is because risks incurred by edge layers are not propagated fully to the inner layers. For example, L3 projects like TARO and RGB are building on lightning with less risk.

Updated on: 2023-06-16T02:14:34.615142+00:00