Re: [bitcoin-dev] Solving the Scalability Problem Part II - Adam Shem-Tov

[Thomas Guyot-Sionnest <dermoth@aei.ca>]

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I don't think you fully understand the way bitcoin works. There are no
"accounts" and no need to know the private key to change transactions in
the chain. What you need is to keep track of all unspent outputs (block
number, index, value and script/witness) so that they can be verified
once a transaction refers to it.

Everything you suggest about moving those funds to a "genesis account"
is nonsense and cannot work.

--
Thomas

On 26/08/17 05:01 PM, Adam Tamir Shem-Tov via bitcoin-dev wrote:
>
> <B>Solving the Scalability Problem Part II</B>
> --------------------------------------------------------------------
> <BR>
> In the previous post I showed a way to minimize the blocks on the
> block chain, to lower the amount of space it takes on the hard drive,
> without losing any relevant information.
> I added a note, saying that the transaction chain needs to be
> rewritten, but I did not give much detail to it.<BR>
> Here is how that would work:<BR>
> <B>The Genesis Account:</B>
> -----------------------------------------<BR>
> The problem with changing the transaction and block chain, is that it
> cannot be done without knowing the private key of the sender of the of
> the funds for each account. There is however a way to circumvent that
> problem. That is to create a special account called the “Genesis
> Account”, this account’s Private Key and Public Key will be available
> to everyone.<BR>
> But this account will not be able to send or receive any funds in a
> normal block, it will be blocked--blacklisted. So no one can
> intentionally use it. The only time this account will be used is in
> the pruning block, a.k.a Exodus Block.<BR>
> When creating the new pruned block chain and transaction chain, all
> the funds that are now in accounts must be legitimate, and it would be
> difficult to legitimize them unless they were sent from a legitimate
> account, with a public key, and a private key which can be verified.
> That is where the Genesis account comes in. All funds in the Exodus
> Block will show as though they originated and were sent from the
> Genesis Account using its privatekey to generate each transaction.<BR>
> The funds which are sent, must match exactly the funds existing in the
> most updated ledger in block 1000 (the last block as stated in my
> previous post).<BR>
> In this way the Exodus Block can be verified, and the Genesis Account
> cannot give free money to anyway, because if someone tried to, it
> would fail verification.<BR>
>
> <BR>
> Now the next problem is that the number of Bitcoins keeps expanding
> and so the funds in the Genesis Account need to expand as well. That
> can be done by showing as though this account is the account which is
> mining the coins, and it will be the only account in the Exodus Block
> which “mines” the coins, and receives the mining bonus. In the Exodus
> Block all coins mined by the real miners will show as though they were
> mined by Genesis and sent to the miners through a regular transaction.
>
> <BR>
>
> Adam Shem-Tov
>


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