Author: michele terzi 2017-09-12 22:58:35
Published on: 2017-09-12T22:58:35+00:00
Bitcoin's decentralization is being hindered by the blockchain's size, which is currently 160GB and growing. Syncing a new node is difficult and discourages many people from participating in the network. To solve this problem, the author proposes two softforks. The first softfork involves hashing a snapshot of the UTXO set with all relevant information in the coinbase, which can be repeated every given period of x blocks. The second softfork involves writing the UTXO hash in the consensus code after a given amount of time, becoming the hash of a new genesis block where all older blocks are chopped away.The benefits of these softforks include faster syncing for new nodes, less HD space needed for full non-pruning nodes, more difficult future chain analysis for small entities, and a frozen old history in one new genesis block that prevents the chain from being reorged prior to that point. Cutting the chain also offers other small benefits such as cleaning old, no longer useful consensus code. However, there are cons to consider, such as consuming a small amount of space on the blockchain, requiring every node to perform calculations, and full nodes with old software not able to sync with the existing network.To address security concerns, the author notes that the softforks will be tested and inspected like other softforks, and the process is divided into two separate steps, giving the community additional time to test it. Additionally, after the first softfork locks in, there is no room for mistakes as either the hashes match or they do not, making it easy to spot misbehavior.Overall, these proposed softforks aim to solve the issue of Bitcoin's rapidly growing blockchain size, making it easier for new nodes to sync and participate in the network while maintaining security.
Updated on: 2023-05-20T03:53:40.016271+00:00