 |
August 01, 2016, 02:08:47 PM
Last edit: August 01, 2016, 03:12:45 PM by bliss |
|
Hello everyone
So far bitcoin has been growing in blockchain size and I know there are some talks about how to deal with this. The practical problem with the blockchain size increasing that I can see is that there will come a point where less and less service providers (mining pools, electrum nodes, etc) will be able to easily run services which protect the blockchain network by storing the entire blockchain.
The theory has been that hard drive space increases over time, and so bitcoins blockchain and other blockchains in alt coins should be able to continue to grow because of that increase in capacity from storage devices.
I have a solution and wanted to put it out there so that developers working on bitcoin and other altcoins may consider and develop it further. This is not exhaustive, I have not written a paper this time, instead just putting it here to see peoples view and may expand upon it.
The Double Helix
We know that in bitcoin there are people making transactions and miners mining to verify those transactions. This causes an ever increasing block chain size.
The Double Helix is another coin that joins onto bitcoin and what it does is calculate n blocks from bitcoin utilizing the same principle of miners mining to confirm those number of blocks for example 144 for about a days worth of blocks in this example.
The confirmation of those sets of blocks would still allow a mathematically accurate solution that those blocks were accurate. On top, we have the existing confirmations for those blocks which today we can say x days earlier the miners on the bitcoin network did a pretty accurate job of confirming those blocks and transactions.
The bitcoin network would then look at Double Helix Coin to confirm n blocks were accurate and so bitcoin would not have to store those blocks in its blockchain. In essence x amount of blocks would reduce to 1 block checked on the Double Helix Coin block. This could reduce bitcoins blockchain size by the amount of blocks included. 100 blocks to 1 on Double Helix Coin would reduce bitcoins blockchain size by 100 times while making Double Helix Coin having a practical and minimal blockchain size of 100 times smaller than what bitcoins blocks have taken up.
Bitcoin also benefits in having a more manageable blockchain size thus allowing the continued security of the network with more people being able to provide services that require storing the blockchain.
This would allow 2 benefits:
A. Reduction in blockchain size as in a way we are zipping multiple past blocks into a smaller bitesize size that is taken care of by Double Helix Coin.
B. A solution to ever growing difficulty in bitcoin. Having a Double Helix Coin that performs this function could feasibly move 25% or more of the asics focused on bitcoin to focus on Double Helix Coin making a buffer and improving results for miners.
Some considerations.
The DHC (Double Helix Coin) would need to reduce blockchain size of bitcoins blockchain at a rapid rate but not such a rapid rate where it will overtake and be stuck waiting for data (unless that was a possibility but I don't think it would help as having no blocks to mine could make miners move away and endanger the ongoing process of protecting the blockchains).
The halving every n period could also be a way to work with n blocks so that it could reduce the amount of blocks it goes through. But this may also not be needed but also could be a way to help reduce blocks from previous years before halving. Perhaps a variable rate of halving every n period may be a better option that benefits with the work being to reduce the blockchain size on bitcoin while also not overtaking to the point that it detracts from the bitcoin miners work of properly verifying the blocks as far back as we can say that we are 100% that those blocks have been verified to the best of certainties.
If this proposal is beneficial donate BTC: 1D552Fbt9hqCXaMV9mMVA6GBFSrU7ht3xj
|
Poll
