Published on: 2017-10-11T02:04:01+00:00
In an email to a list, Greg Slepak suggests a generic sharding protocol for all blockchains, including Bitcoin. This protocol aims to enhance scaling without compromising security and eliminates the need for miners to have ownership of coins. While acknowledging that the idea may not be new, as it might have been proposed earlier in different forms like Interledger, Greg presents a solution where users can burn their coins on Chain A and create a minting transaction on Chain B. The specific mechanisms to prevent coin loss would require further discussion among the group. However, thin clients, nodes, and miners can easily verify these actions, allowing users' client software to locate the other coins.The proposed protocol does not require much modification to the Bitcoin protocol and allows for scaling without sacrificing security. Some participants in the discussion raised concerns about changing the number of Bitcoins in existence and the potential loss of money for users. However, proponents of the proposal argue that the burning of coins applies only to the original coins and does not change the total amount of Bitcoin. There is also a comparison made between the proposed sharding protocol and Drivechain, with the former being favored for its better security and decentralized nature. Overall, the conversation reflects ongoing efforts to find solutions for scaling Bitcoin while maintaining its core principles. Greg expresses his apologies if similar ideas have already been mentioned by others.
Updated on: 2023-08-01T22:01:59.385992+00:00