Topic: future concept: simple way to update blockchain (Read 655 times)
Wouldn't this basically be a fork of BTC, basically a copy as far as balances and transaction history are concerned, but a new currency going forward? BTC v2?
Excellent idea, I nominate you to be a leading member of the central committee that will control these 19 million coins.
On a more serious note: there's a free market out there, you cannot guarantee that the bitcoins that you'd exchange for the new coins that this central committee minted will have same/more/less value than (the remaining) bitcoins in the future.
Suppose in the future there is 19 million coins out and someone comes up with an improvement for a blockchain format or security fixes. A simple way to fix it is start a new bitcoin with 19 million coins pre-mined and allow anyone to sell their bitcoin for the new coins over a period of a couple years. This would be done in the official client, basically automatically with a password. Suppose 18.5 million are exchanged. The bitcoin team could destroy the .5 million or use a small portion to help run the project. The address would be observable to everyone. Thus, the committee could be funded with possibly 10% of lost coins. Maybe every 10 years you could update the chain.
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