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An idea would be to not use one blockchain but a tree of blockchains. Say one blockchain is attributed to London so that if you make a transaction in that block
by quadcore 9y ago
An idea would be to not use one blockchain but a tree of blockchains. Say one blockchain is attributed to London so that if you make a transaction in that blockchain it should be quite fast. Now you want to send money to bangkok, the transaction bubbles up and you get the idea.
edit: obviously someone got that idea before; my point was meant to be that it would be a shame to use a centralised solution like the services of private companies.
- augustl 9y agoWow, that's super interesting, I've never heard about something like that proposed before. Same protocol, but layered and sharded, basically.
- NotUsingLinux 9y agoEthereum sharding? https://github.com/ethereum/wiki/wiki/Sharding-FAQ https://github.com/ethereum/wiki/wiki/Sharding-FAQ
- Buttes 9y agoThe Ethereum guys proposed something like this in a super long rambling document with lots of made up terminology [1] https://github.com/ethereum/wiki/wiki/Sharding-FAQ https://github.com/ethereum/wiki/wiki/Sharding-FAQ
- AluminiumPoint 9y agoYeah! We can also do 'cross chain atomic swaps'; A trustless tx that allows two chains to agree on a price. Either both sides claim it, or the money is returned to its sender.
- sudoscript 9y agoCheck out Ethereum's Plasma proposal: plasma.io. It's a similar concept. I'd describe it as tree of blockchains with MapReduce for state transitions and merkle trees for proofs.
- markjkowalski 9y agoIsn't that what sharded databases do?
- corford 9y agoThere are quite a few projects working on "cross-chain" solutions: https://cosmos.network https://cosmos.network https://ark.io https://ark.io https://omg.omise.co https://omg.omise.co And more
- ivoras 9y agoYou mean, just like banks are federated and communicate only occasionally? :) I mean, it's conceptually the same solution for the same sort of problem: slow propagation of data and the need to maintain (the illusion of a) single global ledger. For banks, it was much much slower in the past, they're fine now.
- pbreit 9y agoJust because it's "like banks" doesn't mean it's invalid. That was my first impression, too when reading: can't we be slightly more on Layer 2?
- PKop 9y agoThe whole value proposition is that the currency's monetary policy isn't controlled by government, or corporate/political relationship that Federal reserve banks have currently. If the structure models current banks in most ways except that the currency isn't in their control, then it will be a massive improvement.
- kalleboo 9y agoReplacing government politics with the politics of a handful of developers/miners/businessmen? (see the current debacle with bitcoin/cash/segwit/2x)
- PKop 9y agoOf course. Because in clear ways you are more sovereign individual within Bitcoin's politics than government politics. You can opt out, you can choose your politics, switching costs are much lower, therefore incentives to align with you are higher.
- kalleboo 9y agoYou can opt out of Bitcoin as long as it's unpopular as it is now. Zimbabweans also opted out of the Zimbabwe dollar which is why now what you really want there is a US dollar.
- Agebor 9y agohttps://cosmos.network/ https://cosmos.network/ and https://polkadot.io/ https://polkadot.io/ experiment with a similar ideas.
- sitepodmatt 9y agoMost people sending money to bkk the transaction fees are the least of their concerns.
- eximius 9y agoThat is literally the Ethereum scalability strategy called Plasma networks.