What do all these solutions have in common?
- segregated witness
- sharding
- blockchain pruning
- lightning network
They all solve the inherent problem that each crypto-currency or blockchain network faces..
Which is the inability to keep around all transactions since genesis till now, no machine in the world exists that allows that.
Let alone cheap machines required to run a world wide decentralized network - operated by normal people - not multi-million dollar banks!But why keep those transactions around in the first place?
Why do crypto currencies
need access to all past transactions?
Why can't the decentralized consensus mechanism function with access to balances alone (and some past transactions -
but not all of them).
The real reason most currencies can't function without access to that data....
Is since they are designed from the ground up
to have to have access to that data for their consensus algo's to function.
But can we blame them?
Did they know what scale crypto-currencies could reach one day?
No! Of course not. But it is a problem non-the-less.
If there is anything that HEAT adds to this, it's that we designed HEAT from the ground up
to not depend on past transactions.
This comes at a cost (initially ... but will be solved eventually).
- we can't do referenced transactions like NXT does (doesn't scale)
- we can't do ETH contracts in the form Ethereum does them (doesn't scale)
- we can't do Bitcoin multi-sig in the form Bitcoin does it (doesn't scale)
Does this mean we can't have smart contracts? multi-sig? or conditional transactions?
By no means, the answer is we can support those things.
But extreme care has to be applied to not lock the HEAT blockchain into promising functionality that later needs to be disabled or rolled back.
Simply since it doesn't scale anymore!
In part... I believe this is what HEAT is about.
And kudos to the dev for providing a bunch of info back.
Kudos back