@rocks Gavin mentions the weird beastie which is the "anyone can pay" in his write-up.
This soft-fork is very radical for non-upgraded nodes who become very much in the dark about everything going on except the final UTXO set.
OK thanks. This seems to have some serious drawbacks even if SW coins can transfer back to the main chain.
First, older full nodes no longer can validate the network. They are no longer providing security and are essentially leeching BW. This means that when SW launches, if only a few nodes upgrade then the security model is very weak because only a few nodes are performing real validations.
Second, is miners need to upgrade first. Imagine if miners are slow to upgrade but several users start to use SW right away. Now you have users using SW, but miners running older clients that perform no validation work. That is pretty bad.
Third, this seems to bloat the block chain for full validation. Tell me what is a smaller amount of data:
1) Standard UTXO -> Transaction A to UTXO A -> Transaction B to UTXO B
2) Standard UTXO -> SW Transaction A to SW stored coin -> SW Transaction to UTXO B
If #2 is larger than #1, then from a full verification scaling solution SW is worse off. It would be better to simply let the main chain be larger and stay with path #1 with standard transactions
Fourth, and most important, is if this is a solution designed to allow Chinese miners with >50% of hash power to keep mining 1MB blocks and thus not validate SW transactions, then we have a long-term situation where the majority of hash power is not validating SW blocks. That seems very very bad IMHO.