Hello all.
We’d like to share an idea we have to dramatically increase the bitcoin block propagation speed after a new block has been mined for the first time.
Efficient bitcoin block propagation
A proposed solution to provide near-instantaneous block propagation on the bitcoin network, even with slow network connections or large block sizes. Increasing mining efficiency for everyone while decreasing transaction confirmation times and strengthening the distributed nature of bitcoin.
Short summary: we propose to introduce bitcoin-backed guarantees (“Guarantee Messages”) between miners. This would allow miners to mine on blocks that are not yet fully transmitted. This reduces the effect of slow internet connections, leveling the playing field between the 1st world fiberoptic datacenter miners and the rest of the world. We also believe it strengthens the bitcoin network by using existing processing power that is currentl
y
wasted into further securing the blockchain, and it reduces the likelihood of transactions becoming confirmed, then unconfirmed and then -hopefully- confirmed again (due to different miners finding competing blocks with different transactions at approx the same time).
It is possible to implement our idea as a fork of bitcoind, or as layer between the standard bitcoind and the mining equipment. In the future it could be incorporated in the bitcoin core if and when that becomes a priority, but that step would not make sense until it becomes a priority.
There are a lot of nuances in this idea, and the first reaction is quite probably that this is a crazy idea. We have attempted to address the most important nuances in our proposal, which is currently at v.0.2.
We cannot guarantee that there are no ‘hidden devils in the details’ and we invite you to be critical in a friendly and constructive manner. We will do our best to answer all questions
that
arise.
The ‘official’ proposal is at:
PDF:
http://pukaki.bz/efficient-bitcoin-block-propagation-v.0.2.pdfHTML:
http://pukaki.bz/efficient-bitcoin-block-propagation-v.0.2.html
-- Arnoud Kouwenhoven