Why Blockstream Destroyed Bitcoin
Blockstream co-founder Mark Friedenbach proposed a new concept of Bitcoin network scaling based on alternating PoW algorithms that can be implemented using alternative ledgers without having to hard fork..
The concept was named Forward Blocks and is based on the principle «shards», that is, adding new structural elements to the main blockchain. The solution will increase the volume of processed transactions by 3584 times, and the integration can be done through a soft fork. Mark Friedenbach’s new model has other benefits as well, such as confidential transfers, sidechains, licensed block grants, base register support for future updates.
It is proposed to introduce new chains with additional functions and several PoW algorithms. According to the developer, each adjacent blockchain will be able to process transactions, then transfer information about them to the main one, and also have its own characteristics. In this case, the fragments will function independently of each other, but will be able to exchange data and synchronize.
The uniqueness of this concept lies not so much in the growth of productivity, but in the possibility of improvement without the need to split the main Bitcoin network. This will save the community from arising controversy and ensure full compatibility with the previous blocks. However, Mark Friedenbach proposed his development as a concept and as one of the alternatives for the development of digital gold, and not a direct update. According to him, this is a good basis for thought for the SEO group..
Earlier, the Ethereum development group also introduced a new way to scale the network, which will allow processing up to 17 thousand transactions per second.
text: Sid Nietzsche, photo: Unsplash