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Title: Encouraging more nodes to secure bitcoin network - A Thought Post by: upal on November 16, 2015, 10:56:12 PM Bitcoin network does not have any direct incentive to run a full node. But it is healthy for the network to have more nodes securing it. Hence I was toying with the idea that how a bitcoin node can be incentivized without disturbing the existing bitcoin protocol.
It appears to me that sidechains can be used for this purpose. If bitcoin nodes can be equipped in a way so that it can perform as a gateway between bitcoin blockchain and an altcoin blockchain, i.e. validating the altcoin blockchain with bitcoin network with every bitcoin block found, then this concept might work. These nodes will be super node for the altcoin network, but normal for bitcoin network. Those altcoin blockchain or sidechains may incentivize the nodes, like it happen in PoS and in return can be secured by the huge hashing power of the bitcoin network. The altcoins, secured by the bitcoin network, may also help to solve the ~10 minutes delay of bitcoin confirmation. As I am not an expert of the sidechain technology, I'd like to know from people with knowledge, whether an altcoin blockchain can be pegged to a bitcoin blockchain using a common node ? Title: Re: Encouraging more nodes to secure bitcoin network - A Thought Post by: RocketSingh on November 17, 2015, 09:02:16 PM IMHO, it is possible to incentivize nodes using sidechains. Proper understanding of sidechain concept is required to visualize it. Following link might help for the same...
http://gendal.me/2014/10/26/a-simple-explanation-of-bitcoin-sidechains/ Title: Re: Encouraging more nodes to secure bitcoin network - A Thought Post by: franky1 on November 17, 2015, 09:28:02 PM Bitcoin network does not have any direct incentive to run a full node. But it is healthy for the network to have more nodes securing it. Hence I was toying with the idea that how a bitcoin node can be incentivized without disturbing the existing bitcoin protocol. It appears to me that sidechains can be used for this purpose. If bitcoin nodes can be equipped in a way so that it can perform as a gateway between bitcoin blockchain and an altcoin blockchain, i.e. validating the altcoin blockchain with bitcoin network with every bitcoin block found, then this concept might work. These nodes will be super node for the altcoin network, but normal for bitcoin network. Those altcoin blockchain or sidechains may incentivize the nodes, like it happen in PoS and in return can be secured by the huge hashing power of the bitcoin network. The altcoins, secured by the bitcoin network, may also help to solve the ~10 minutes delay of bitcoin confirmation. As I am not an expert of the sidechain technology, I'd like to know from people with knowledge, whether an altcoin blockchain can be pegged to a bitcoin blockchain using a common node ? 1. "nodes" are just people using the official bitcoin-core program. nothing more nothing less.. nothing special about it.. 2. your plan is to ask people to not only run bitcoin core.. but also have other blockchains of altcoins on their computer at the same time. 3. you still havnt told us what solution you have for the reason people dont want to run bitcoin core ( hard drive bloat) instead you have proposed more data storage bloat by saying people should have more blockchains stored on hard drives.. |