Dear Bitcoin Development Community,
I
am reaching out to share a solution I have developed to address the
anticipated 2106 overflow issue. After a significant development period,
I believe the solution is ready for a community review.
Below,
you will find an abstract summarizing the key aspects of this proposal,
which is titled "BitBlend:A Non-Disruptive Solution to the Bitcoin
2106 Timestamp Overflow.” The abstract aims to provide a concise
overview of the solution's approach and objectives. For a more detailed
understanding, I have also included a link to the full white paper
hosted on GitHub.
Abstract:
The
Bitcoin network faces a significant technical challenge as it
approaches the year 2106, when the 32-bit field for block timestamps
will reach its maximum value. This paper introduces "BitBlend," a
solution designed to address this impending overflow without
necessitating a coordinated hard fork or consensus change. Similar to
the idea by Pieter Wuille [2], BitBlend proposes a novel
reinterpretation of the existing 32-bit time field, extending its
functionality by representing only the last 32 bits of the full
timestamp. The solution incorporates an innovative overflow detection
and correction method, named the BitBlend procedure, which seamlessly
integrates into the current system. Key to BitBlend is maintaining the
original 32-bit format for external communication while employing a
64-bit internal representation for block times. This dual approach
ensures backward compatibility and network continuity, allowing nodes to
gradually adopt the update without synchronization. Additionally,
BitBlend addresses the implications for time locks, advocating for the
natural expiration of absolute time locks post-2106 and the continued
use of block height and relative time locks. This solution prioritizes
minimal alterations to Bitcoin's core components, striving to preserve
its foundational principles while ensuring its longevity and
functionality. The paper seeks feedback from the Bitcoin development
community on the feasibility and potential integration of the BitBlend
solution into the Bitcoin protocol.
Link to Full White Paper:
I
would greatly appreciate any thoughtful reviews, comments, or
suggestions you may have regarding the BitBlend solution. My user name
is BitcoinBitBlend on proton mail.
Thank you for your time and consideration. I look forward to your valuable input.