What is the Ideal Bitcoin Expansion Plan Advocated by Nakamoto?

  • BY:HALALCHAIN
  • May 15, 2019
What is the Ideal Bitcoin Expansion Plan Advocated by Nakamoto?

Written by AN Ziping from China.com

 

Recently, Bitcoin, which has leaped forward, has risen above the $8,000 on the 14th. In the past two weeks, Bitcoin has risen more than 45%, accounting for half of the increase in 2019. This wave of the market benefited from the China-US trade war, and the Hedging funds fled to Bitcoin. The 12-day rally has allowed us to see the potential power of the Bitcoin.

People will ask: Why do you believe Bitcoin every time you encrypt the currency? Experts say that Bitcoin is a safe haven for funds when the financial system is hit hard. In fact, this is not the real reason. Bitcoin is trusted because it is credible, and its credibility is based on the essential characteristics of its classic consensus Blockchain, which is in an absolutely decentralized environment and freely join or withdraw from the network, has a fair incentive mechanism, with strong fault tolerance, high scalability and other characteristics.

The purpose of Bitcoin is to create a truly decentralized payment network and to ensure fairness through power counting. In fact, after 10 years of Bitcoin operation, 60% of the computing power is concentrated in the top five mining pools, and the handling fee has been so high that it is close to $1 per pen, which is obviously contrary to the original intention of Nakamoto. Therefore what exactly is the ideal Bitcoin expansion plan for Nakamoto?

At present, in the global public chain market in 2019, the mainstream expansion has already appeared in PoA, off-chain, fragmentation, multi-block, mixed consensus, graphical books, etc. These expansion methods have their own emphasis: the setting of PoA-like is based on For the trust of the authoritative node; the setting of the underlying technology is based on the fact that some transactions do not require uplinking and the security of the gateway; the setting of the fragmentation is based on sufficient credibility within the fragmentation, and the cross-chip transaction is not too frequent; The block technology is set to allow the existence of less difficult fast blocks; the hybrid consensus technology can be set to accept 1/3 of the network security of the license chain protocol. These professional expansion plans are looking for a faster Bitcoin network. The graphic structure book that emerged in 2018 is actually the Blockchain expansion plan that best fits Nakamoto’s ideal move because the DAG technology is set to accept the problem of infinite expansion and duplication of transactions in the block. The typical representative of this program is the world famous IOTA, BYTEBALL, NANO, HLC.

IOTA, ByteBall and NANO, the current three major projects are using a partial-centered consensus solution to solve the fork problem, resulting in many users misunderstanding DAG’s consensus solution can only be solved with a centralized solution. The adoption of DAG technology is designed to accept the problem of inability to expand indefinitely and to repeat transactions in the block. The bottleneck of blockchain expansion is not mining, PoW (workload proof mechanism) can also achieve high throughput. PoS (Proof of Equity) is more about solving the problem of PoW energy consumption.

 

The narrowly defined Block DAG refers to the schema of the book storage technology, and the narrow Blockchain refers to the chained book technology. But broad understanding refers to the entire set of chart-based agreements or frameworks, and the benchmark Blockchain is a chain-based ledger agreement or framework.

 

Technology enthusiasts who have studied the deployment of HLC public chain test networks must find that there is no essential difference between Block DAG and Blockchain. Block DAG is the Blockchain when the Blockchain is high when the block rate is high, so Block DAG is actually a more general Blockchain, and which is Block DAG with lower block rate. The special case of time. The only difference is that the Blockchain will discard all blocks outside the longest chain, and Block DAG will retain all the blocks, which is one of the reasons why block DAG throughput can be very high.

 

It is worth noting that the HLC public chain technology is based on Block DAG instead of DAG. In fact, it is emphasized that the Block DAG node is added to the network and rewarded by completely decentralized. Currently, only PoW can solve it so that you can see an agreement to Block DAG is basically based on the PoW consensus.

 

Block DAG is the most intuitive and most scalable expansion scheme of the classic Blockchain model. The Block DAG of HLC public chain meets the classic Blockchain setting, with freedom, fairness, strong fault tolerance and high Features such as scalability, first of all, Block DAG’s network does not have any special nodes, and does not require nodes to be online or not. Second, Block DAG is a cooperative mechanism, and Blockchain is a competitive mechanism. Cooperation mechanisms can avoid selfish mining to solve the problem of fairness. In addition, Block DAG as a technology category, from the GHOST protocol to the later SPECTRE, and the latest PHANTOM and CONFLUX are based on the heaviest chain rules, can achieve 50% fault tolerance comparable to Bitcoin. Finally, the use of DAG technology in the Blockchain is to solve the high scalability, DAG cannot achieve unlimited expansion, because the nodes of the network will store all transactions, and will be limited by network bandwidth. However, for the mainstream Block DAG protocol, security has nothing to do with the block rate, so in theory, as long as the network and the physical performance of the node can withstand, the block rate can be increased.