Author: Alex Morcos 2015-09-18 20:07:25
Published on: 2015-09-18T20:07:25+00:00
A proposal to use Unspent Transaction Output (UTXO) set commitments for Bitcoin's security model has been questioned by Patrick Strateman, who believes it would reduce the current security model. Currently, an attacker with more than 50% of the network hash rate can rewrite history, but if full nodes rely on UTXO set commitments, such an attacker could create an infinite number of bitcoins. Rune Kjær Svendsen suggested a solution whereby the newly mined block includes the UTXO set hash of the chain up until the previous block. This allows new nodes to acquire the UTXO set in a trustless manner, only verifying proof-of-work headers, and knowing that a block with an invalid UTXO set hash would be rejected. This approach saves bandwidth for both SPV nodes and full nodes.
Updated on: 2023-06-10T22:47:25.295125+00:00