Author: Erik Aronesty 2022-11-08 15:49:10
Published on: 2022-11-08T15:49:10+00:00
The discussion revolves around increasing the throughput of the Bitcoin network while preserving the small block feature. The proposal suggests that a miner should be allowed to include transactions until the block is filled, creating a "brick". Once the brick is filled, it would be broadcasted and nodes would have it in a separate fork as usual. The accumulated PoW calculated using mathematics on bricks containing a "minimum hash found," when a series of "minimum hashes" is computationally equivalent to the network difficulty, then the full "brickchain" is valid as a block. This new structure will allow all transactions to go in the current block while keeping the block size small. However, reduced settlement speed is considered a desirable feature of the Bitcoin network, and the focus should be on layer 2 protocols like mweb that allow holding and transferring uncommitted transactions as pools or joins so that the decentralization and incentives of layer 1 can remain undisturbed. Furthermore, layers also add fees to users. It is critical not to increase the workload of full-nodes, reducing the chance of some of them giving up and leading to negative centralization effects. Finally, layered financial systems are vastly superior, and L3 projects like TARO and RGB are building on lightning with less risk.
Updated on: 2023-06-16T02:16:09.482980+00:00