Author: Alan Reiner 2013-10-14 20:20:33
Published on: 2013-10-14T20:20:33+00:00
Alan Reiner's idea of reorganizing blockchain data into an authenticated tree, indexed by TxOut script (address), instead of tx-hash, has been likened by Peter Vessenes to a curing period. Adam Back suggested the possibility of experimenting with new features through merged mining of an alt-coin that uses the same coins as bitcoin main and mines on bitcoin main. Michael Gronager responded to Alan's idea, saying that he had already coded the authenticated data structure part in libcoin and was looking at including a p2pool style mining where a parallel chain serves several purposes. This includes validating the root hash at a higher frequency than 10 min, enabling distributed mining easily and utilizing the soft fork by defining the root hash in coinbase blocks as v3 and once we cross the limit all blocks are v3. Alan suggests that his idea must be part of the mainnet validation rules, but for it to work, it has to go through some kind of staging, which is why he proposed merge mining on a meta-chain first. He also suggested that even if it stays on its own meta chain, as long as there is significant hashpower working on it, it can still be a useful tool. Mark Friedenbach has been doing proof-of-concept for Alan's idea for the last few months, and Armory Technologies, Inc., has offered him 50 BTC to continue working on it.
Updated on: 2023-06-06T17:16:33.204621+00:00