Author: Tao Effect 2017-10-10 05:19:58
Published on: 2017-10-10T05:19:58+00:00
In a message to the bitcoin-dev mailing list, Greg Slepak proposed a generic sharding protocol for all blockchains, including Bitcoin. Users simply say "My coins on Chain A are going to be sent to Chain B". They then burn the coins on Chain A, and create a minting transaction on Chain B. Thin clients, nodes, and miners, can all verify that the action took place, and therefore accept the newly minted coins on B as valid. The proposal is fully decentralized, allowing for scale without sacrificing security. Additionally, Paul Sztorc responded to the email stating that the proposal is only a one-way peg, not a two-way peg, and has strong first-mover disadvantages.
Updated on: 2023-06-12T21:37:05.322629+00:00