A parallel chain can be merge-mined with Bitcoin, so that Bitcoin miners can secure the parallel chain at no extra cost to themselves. There can also be input and output address in Bitcoin that allow one to convert BTC to the alternate coins, and convert the alternate coins back into BTC.
The problem is that Bitcoin would need to be changed so that standard clients store two blockchains, and keep track of transactions in the parallel chain, or else they won't know which altcoin -> BTC conversion transactions are valid.
This might not be a huge deal, as all that's really being added from a bloat perspective is the block headers of the additional blocks (10X more with 1 minute blocks), and this increases linearly with time, while consumer hard disk space will likely continue increasing exponentially.
An idea like this can also be done with one-way conversion, in which case no changes would need to be made to Bitcoin.
Topic: My idea: New blockchain for cheap & fast microtransactions in bitcoin, like a re (Read 1068 times)
September 06, 2013, 01:10:40 PM
September 06, 2013, 09:34:17 AM
the idea is stupid.
if your new chain could handle large amounts of microtransactions with 60 seconds, then bitcoin could as well
-> no need for a new chain in the first place.
or in other words, if your new chain is just a bitcoin clone, why would your new chain be able to handle
high transaction volume, but not bitcoin, if its just a clone.
if your new chain could handle large amounts of microtransactions with 60 seconds, then bitcoin could as well
-> no need for a new chain in the first place.
or in other words, if your new chain is just a bitcoin clone, why would your new chain be able to handle
high transaction volume, but not bitcoin, if its just a clone.
September 06, 2013, 08:23:25 AM
He said a new parallel blockchain to the existing one.
Ah, ok. But fees can't cover mining expenses.
September 06, 2013, 08:16:05 AM
He said a new parallel blockchain to the existing one.
September 06, 2013, 07:59:53 AM
How the very 1st coins will appear if there is no newly generated ones?
September 06, 2013, 06:59:31 AM
We need new blockchain for microtransactions for bitcoin success. The current system is too slow, and expensive to solve this function. With easy transfer in and out your bitcoins into/from this blockchain.
No generate new bitcoins, the miners get fee only from the microtransactions.
Fast blocks: Traget time e.g. 60sec Fix transaction fee: e.g. 0.01%
The Bitcoin's current blockchain can be the gold background in the system, for valuable transactions.
The new blockchain can get a real currency function, with that parameters.
The old miner machines can mine this new blockchain.
It can be an altcoin killer, too.
Is this bad idea?
Sorry for my bad english.
No generate new bitcoins, the miners get fee only from the microtransactions.
Fast blocks: Traget time e.g. 60sec Fix transaction fee: e.g. 0.01%
The Bitcoin's current blockchain can be the gold background in the system, for valuable transactions.
The new blockchain can get a real currency function, with that parameters.
The old miner machines can mine this new blockchain.
It can be an altcoin killer, too.
Is this bad idea?
Sorry for my bad english.
Jump to: