Author: Erik Aronesty 2022-10-19 14:24:48
Published on: 2022-10-19T14:24:48+00:00
The current limitation of transaction capacity in Bitcoin mining results in a reduced global settlement throughput. However, the focus should not be on fixing the reduced settlement speed as it is considered a desirable feature. Instead, layer 2 protocols such as MWEB should be used to hold and transfer uncommitted transactions as pools/joins so that layer 1's decentralization and incentives can remain undisturbed. The proposed idea of increasing throughput without increasing block size involves allowing a miner to include transactions until the block is filled, creating a structure called a 'Brick'. Once fully filled, the Brick would be broadcasted and nodes would have it on a separate fork. The miner would then start working on a new Brick linked with the previous one. Nodes would allow incoming regular blocks and Bricks with hashes that don't satisfy the difficulty rule, provided they are fully filled with transactions. The accumulated PoW calculated using mathematics would determine if the full 'brickchain' is valid as a Block. If successful, this idea could completely flush mempools, keep transaction fees low, and increase throughput.
Updated on: 2023-06-16T02:15:38.377461+00:00