Author: shiva sitamraju 2017-09-05 07:10:15
Published on: 2017-09-05T07:10:15+00:00
In a bitcoin-dev mailing list thread, several proposals were discussed to address the issue of scaling with traffic and lowering fees. Cserveny Tamas suggested splitting the chain as a potential solution. Thomas Guyot-Sionnest argued that reducing complexity may not necessarily compromise security if confirmation is adjusted accordingly. Tom Zander believed that the limit of blockchain is determined by technology and will continue to evolve.Shiva Sitamraju raised a question about the structure for segwit wallet seed words. Thomas Voegtlin pointed out that this had already been defined by Electrum.Peter Todd shared his concerns about using compact SPV proofs for timestamping in OpenTimestamps. He noted that there were dubious security properties associated with this approach when done via proof-of-work. He also expressed concern about further weakening the already weak security with compact SPV proofs without conducting more analysis to understand the risks.Timestamping is an important aspect of Bitcoin that can be vulnerable to malicious miners. Unlike financial applications, timestamping lacks a financial feedback loop, which makes it more susceptible to exploitation. Despite this vulnerability, timestamping is still significant for various reasons.
Updated on: 2023-06-12T17:54:31.320088+00:00