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Author Topic: Scaling Bitcoin without touching Bitcoins core  (Read 165 times)
ttookk
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March 22, 2017, 06:54:45 PM
 #1

Hi,

So, I am new to the discussion, so my idea is probably not that unique, but I still want to put it out there. I guess there are similar ideas out there, if you know of some, feel free to point me towards them.

Obviously, Bitcoin has a scaling problem. Or so it looks, because I am not so sure, whether this actually is a problem if you look at it from the right angle. I think, we need to look at Bitcoin not so much as a currency, and more at it like digital gold. With that in mind, the course of action is not different from the approach, fiat money used in the past to justify its value:

I think the most sensible approach would be to create tokens, which are backed by Bitcoin. I started thinking aloud about this idea here:

https://bitcointalk.org/index.php?topic=1689947.0

In the above thread, the idea is mostly focused on creating a means to use smart contracts and other blockchain technology without the need of any other currency than Bitcoin. While this still may be a probable usecase, a far more interesting usecase would be to solve Bitcoins scaling problem.

In essence, the idea would work as follows:

Instead of a single blockchain, people are able to create their own blockchains.

On these blockchains, tokens can be created. With the creation of a token, a Bitcoin multisig address is created.
With the creation of a token, the corresponding Bitcoin addres is loaded with an amount of Bitcoin that determines the worth of the token.
Somehow, the private keys of this address are unknown, but can be aquired when the corresponding token is sent to a special burn address. How exactly this is achieved is the single biggest problem this idea has. The approaches described in the thread above are faulty, because they rely too much on other players in the system.

Now, scaling effectively works by creating smaller temporary blockchains. If a blockchain becomes too bloated, a new one can be created. Of course, it must be possible to send tokens between blockchains, although I think it is fine if transactions between blockchains take longer than transactions within a blockchain.

How these blockchains are secured is up for debate. Merge mining looks like a good solution, something like Lisks DPoS system may be feasible as well.

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