I think we may be able to reduce a block chain size dramatically, by re-generating automatically a new genesis block every year, (or every X blocks), and keeping the balance of the previous block chain, last block of it.
Theoretically it will solve the hard disk space issues, And will reduce network bandwidth requirements for setting a new Full node. It will not solve new block propagation delays.
2016 [block 0]...[block n] --- the last block's balance could transfer into a new genesis block 2017.
2017 [block 0]
Afterwards Mining should start build up on the new chain. Just the history of transactions will be lost.
There could be more types of nodes: Archival node, keeping all history of all the previous block chains, and the Full Node, keeping only the current block chain.
In this scenario, only block explorers and scientists will need to keep an Archival Node.
Do you think it is doable, theoretically?
This idea, if it works, will mean that crypto currency will beat Visa x10 transactions, with a goal to break 1 billion transactions per day, in a decentralized way. Obviously this will require over a gigabyte block size.
-Technologov
05.Mar.2017
Cross-posted in github:
https://github.com/BitcoinUnlimited/BitcoinUnlimited/issues/340
Theoretically it will solve the hard disk space issues, And will reduce network bandwidth requirements for setting a new Full node. It will not solve new block propagation delays.
2016 [block 0]...[block n] --- the last block's balance could transfer into a new genesis block 2017.
2017 [block 0]
Afterwards Mining should start build up on the new chain. Just the history of transactions will be lost.
There could be more types of nodes: Archival node, keeping all history of all the previous block chains, and the Full Node, keeping only the current block chain.
In this scenario, only block explorers and scientists will need to keep an Archival Node.
Do you think it is doable, theoretically?
This idea, if it works, will mean that crypto currency will beat Visa x10 transactions, with a goal to break 1 billion transactions per day, in a decentralized way. Obviously this will require over a gigabyte block size.
-Technologov
05.Mar.2017
Cross-posted in github:
https://github.com/BitcoinUnlimited/BitcoinUnlimited/issues/340
