Published on: 2022-11-08T16:31:15+00:00
The author proposes a novel approach to enhance the speed of transactions in the Bitcoin network by modifying the Proof of Work (PoW) algorithm. Currently, the network's capacity is limited by the size of blocks produced by miners. Although some suggested removing these limits, it was widely rejected due to unfavorable consequences.To address this issue, the author introduces the concept of a 'brick', which aims to maintain small blocks while accommodating all transactions. A brick is essentially a block that does not meet the difficulty rule but is filled with transactions up to its maximum capacity. Once a brick is completely filled, it would be broadcasted, and the miner would proceed to work on a new brick connected to the previous one.Nodes within the network would accept incoming regular blocks as well as bricks with hashes that fail to satisfy the difficulty rule, under the condition that the brick is fully filled. If a series of minimum hashes is computationally equivalent to the network difficulty, then the entire 'brickchain' is considered valid as a block.Implementing this approach could effectively reduce the backlog of unconfirmed transactions (mempools), maintain low transaction fees, and ultimately enhance the network's throughput without the need for increasing the block size. However, there are potential concerns surrounding the determination of brick validity, the allocation of block rewards, distribution of fees, and integration of the brick sidechain into the main blockchain.In an email discussing the proposal, the author also mentions the importance of layer 2 protocols like MWEB, which allow holding and transferring uncommitted transactions as pools or joins. The email emphasizes the need to avoid increasing the workload of full-nodes and undermining layer 2 systems like the Lightning Network (LN). Layered financial systems, such as L3 projects like TARO and RGB, are considered superior in terms of layered financial systems.The email concludes by acknowledging that more work needs to be done to refine the proposal and determine its feasibility. The author recognizes the need for changes in the PoW algorithm and a better calculus to define the proposal. It is clear that increasing the throughput without increasing the block size is a primary goal, and the proposal aims to achieve this by introducing the concept of bricks and validating them as blocks within a brickchain.
Updated on: 2023-08-02T08:15:48.234195+00:00