Author: Patrick Sharp 2017-09-25 21:53:30
Published on: 2017-09-25T21:53:30+00:00
Patrick Sharp, a recent graduate in computer science, proposes the creation of an official bitcoin side chain through bip-0002. He acknowledges that the idea is not original but suggests a mechanism to assign custody or transfer coins from one chain to another. His proposal involves officially supported chains identified by a number in the block header, with each address assigned to a chain via (address) mod (number of chains). Chain power values would increment every 2016 blocks if a percentage of blocks on any chain are larger than a specified amount, and decrement if every chain has gone 2016 blocks without surpassing a certain size. Benefits include dynamic scalability, incentive for miners to keep difficulties close to parity, and more distributed rewards. The main disadvantage is the doubling of the non-volatile memory footprint of bitcoin, but Patrick believes this solution may decrease the footprint per miner in the long run. He asks for feedback and suggestions on his proposal.
Updated on: 2023-05-20T04:01:00.477488+00:00