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May 06, 2013, 02:21:54 AM |
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We have some issues with bitcoin today:
a) Forking occurs if some region lose internet connection to the rest of the world
b) Blockchain grows too much when people from all the world use it daily
c) Pollution of blockchain by lot of small transactions
Solution:
One global blockchain where new bitcoins can be mined
One local blockchain for each region where existing bitcoins can be transferred, but no new coins can be mined
People in each local blockchain can always send coins to each other within the local blockchain, even if their internet connection is cut to rest of the world
Each miner provides computing power to the global blockchain AND one local blockchain.
To prevent double-spending, each coin can either be transferred between global wallets, or sent to a specific local blockchain-wallet and frozen for all other transactions outside that local blockchain. All transactions inside a local blockchain is only recoreded locally, until someone decides to send his coin to a global wallet. From the global blockchains perspective only two transactions has occured:
GlobalBC-Wallet-1 -> HawaiiBC-Wallet-2
HawaiiBC-Wallet-4 -> GlobalBC-Wallet-1
But inside the local blockchain this transactions has occured
GlobalBC-Wallet-1 -> HawaiiBC-Wallet-2
HawaiiBC-Wallet-2 -> HawaiiBC-Wallet-3
HawaiiBC-Wallet-3 -> HawaiiBC-Wallet-4
HawaiiBC-Wallet-4 -> GlobalBC-Wallet-1
The global blockchain needs to verify the local blockchain before it can accept the transaction HawaiiBC-Wallet-4 -> GlobalBC-Wallet-1 entering the global blockchain.
Any cryptological bugs in this solution?
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