From: Chaofan Li <li3939108@gmail•com>
To: bitcoin-dev@lists•linuxfoundation.org
Subject: [bitcoin-dev] Blockchain Voluntary Fork (Split) Proposal
Date: Wed, 17 Jan 2018 01:55:54 -0600 [thread overview]
Message-ID: <CANZDnNomrpBTJU4=J1QqJpDePJ6RXyYsrwa=b9ZZOjyf1utQBw@mail.gmail.com> (raw)
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Here I propose a simple method to solve the scalability issue of blockchain.
It is more like a financial trick rather than a technical solution.
The technical part is very simple:
Split ( hard fork ) the blockchain into two or more blockchains (e.g. two
blockchain A and B), voluntarily.
The two blockchains are the same except for some identifiers to distinguish
the two blockchains.
The coins on one blockchains cannot be sent to the other one or interfered
by the other blockchain ( considering so many hard forks in the last year,
the replay protection should work in this situation)
Everyone get double bitcoins. Each has half value of original one bitcoin.
Then, we have two almost same blockchains and the capacity of the original
blockchain is doubled theoretically.
When sending coin, the wallet should select one blockchain randomly and try
to send through only one blockchain (If there is enough bitcoins)
I think it is a possible solution, if the community realize no previously
owned asset value is lost.
The method is inspired by the stock split
<https://en.wikipedia.org/wiki/Stock_split>.
When a stock share is split, for example into two shares, the price halves.
The market capitalization remains the same.
There is no dilution of every shareholders' total assets.
The bitcoin often emphasizes that the total coin supply should not be
changed.
If the total supply increases, the value of a single coin will be diluted.
That is true.
However, the bad part of inflation of fiat money is not diluted value of
every unit of fiat money caused by total supply increase.
The problem is the increased supply is not delivered to everyone
proportional to their previously owned money.
The increased supply is released through debt expansion.
The people that can borrow more money with low interest ratio (during QE,
it was nearly 0) can invest and get profit.
Or they don't even need to pay back the debt. The debt is left to
government, which might never pay back the debt, and some get more money
from government.
Others' money are diluted.
With voluntary split of bitcoin, dilution of anyone's bitcoin assets won't
happen.
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next reply other threads:[~2018-01-17 7:55 UTC|newest]
Thread overview: 5+ messages / expand[flat|nested] mbox.gz Atom feed top
2018-01-17 7:55 Chaofan Li [this message]
2018-01-22 11:12 ` ZmnSCPxj
2018-01-22 18:46 ` Chaofan Li
2018-01-22 20:40 ` Erik Aronesty
2018-01-22 22:43 ` Eric Voskuil
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