There have been a number of similar (identical?) proposals over the years, some were discussed in these threads: https://bitcointalk.org/index.php?topic=56226.0 https://bitcointalk.org/index.php?topic=505.0 https://bitcointalk.org/index.php?topic=473.0 https://bitcointalk.org/index.php?topic=52859.0 https://bitcointalk.org/index.php?topic=12376.0 https://bitcointalk.org/index.php?topic=74559.15
> On Aug 26, 2017, at 5:01 PM, Adam Tamir Shem-Tov via bitcoin-dev > <bitcoin-dev@lists.linuxfoundation.org> wrote: > > <B>Solving the Scalability Problem Part II</B> > -------------------------------------------------------------------- > <BR> > In the previous post I showed a way to minimize the blocks on the block > chain, to lower the amount of space it takes on the hard drive, without > losing any relevant information. > I added a note, saying that the transaction chain needs to be rewritten, but > I did not give much detail to it.<BR> > Here is how that would work:<BR> > <B>The Genesis Account:</B> > -----------------------------------------<BR> > The problem with changing the transaction and block chain, is that it cannot > be done without knowing the private key of the sender of the of the funds for > each account. There is however a way to circumvent that problem. That is to > create a special account called the “Genesis Account”, this account’s Private > Key and Public Key will be available to everyone.<BR> > But this account will not be able to send or receive any funds in a normal > block, it will be blocked--blacklisted. So no one can intentionally use it. > The only time this account will be used is in the pruning block, a.k.a Exodus > Block.<BR> > When creating the new pruned block chain and transaction chain, all the funds > that are now in accounts must be legitimate, and it would be difficult to > legitimize them unless they were sent from a legitimate account, with a > public key, and a private key which can be verified. That is where the > Genesis account comes in. All funds in the Exodus Block will show as though > they originated and were sent from the Genesis Account using its privatekey > to generate each transaction.<BR> > The funds which are sent, must match exactly the funds existing in the most > updated ledger in block 1000 (the last block as stated in my previous > post).<BR> > In this way the Exodus Block can be verified, and the Genesis Account cannot > give free money to anyway, because if someone tried to, it would fail > verification.<BR> > <BR> > Now the next problem is that the number of Bitcoins keeps expanding and so > the funds in the Genesis Account need to expand as well. That can be done by > showing as though this account is the account which is mining the coins, and > it will be the only account in the Exodus Block which “mines” the coins, and > receives the mining bonus. In the Exodus Block all coins mined by the real > miners will show as though they were mined by Genesis and sent to the miners > through a regular transaction. > <BR> > Adam Shem-Tov > > _______________________________________________ > bitcoin-dev mailing list > bitcoin-dev@lists.linuxfoundation.org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
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