Author: Ben Kloester 2017-10-11 02:04:01
Published on: 2017-10-11T02:04:01+00:00
The email thread on the bitcoin-dev mailing list discusses the idea of a generic sharding protocol for all blockchains, including Bitcoin. The proposed method involves burning coins on one chain and creating a minting transaction on another chain to transfer coins. Users can specify that their coins on Chain A be sent to Chain B, and then burn the coins on Chain A to create newly minted coins on Chain B. This proposal does not require much modification to the Bitcoin protocol, as most of the verification is done client-side. However, it would require per-sidechain accounting to prevent double-regeneration of burnt coins and building a system that enforces the accounting for sidechains into Bitcoin. The only way to convince users that adding a second way to mint coins is not messing with fixed supply is if there is proof that the number of coins being minted is accounted for by past burnt coins. This could be called 'regeneration'. The proposed method is fully decentralized, and there's no need to give ownership of our coins to miners to get scale.
Updated on: 2023-06-12T21:39:35.429332+00:00