<html><head><meta http-equiv="Content-Type" content="text/html charset=utf-8"><meta http-equiv="Content-Type" content="text/html charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class="">Dear list,<div class=""><br class=""></div><div class="">In previous arguments over Drivechain (and Drivechain-like proposals) I promised that better scaling proposals — that do not sacrifice Bitcoin's security — would come along.</div><div class=""><br class=""></div><div class="">I planned to do a detailed writeup, but have decided to just send off this email with what I have, because I'm unlikely to have time to write up a detailed proposal.</div><div class=""><br class=""></div><div class="">The idea is very simple, and I'm sure others have mentioned either exactly it, or similar ideas (e.g. burning coins) before.</div><div class=""><br class=""></div><div class="">This is a generic sharding protocol for all blockchains, including Bitcoin.</div><div class=""><br class=""></div><div class="">Users simply say: "My coins on Chain A are going to be sent to Chain B".</div><div class=""><br class=""></div><div class="">Then they burn the coins on Chain A, and create a minting transaction on Chain B. The details of how to ensure that coins do not get lost needs to be worked out, but I'm fairly certain the folks on this list can figure out those details.</div><div class=""><br class=""></div><div class="">- Thin clients, nodes, and miners, can all very easily verify that said action took place, and therefore accept the "newly minted" coins on B as valid.</div><div class="">- Users client software now also knows where to look for the other coins (if for some reason it needs to).</div><div class=""><br class=""></div><div class="">This doesn't even need much modification to the Bitcoin protocol as most of the verification is done client-side.</div><div class=""><br class=""></div><div class="">It is fully decentralized, and there's no need to give our ownership of our coins to miners to get scale.</div><div class=""><br class=""></div><div class="">My sincere apologies if this has been brought up before (in which case, I would be very grateful for a link to the proposal).</div><div class=""><br class=""></div><div class="">Cheers,</div><div class="">Greg Slepak</div><div class=""><br class=""></div><div class=""><div class=""><div class=""><span style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-position: normal; font-variant-numeric: normal; font-variant-alternates: normal; font-variant-east-asian: normal; line-height: normal; orphans: 2; widows: 2;" class="">--</span><br style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-position: normal; font-variant-numeric: normal; font-variant-alternates: normal; font-variant-east-asian: normal; line-height: normal; orphans: 2; widows: 2;" class=""><span style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-position: normal; font-variant-numeric: normal; font-variant-alternates: normal; font-variant-east-asian: normal; line-height: normal; orphans: 2; widows: 2;" class="">Please do not email me anything that you are not comfortable also sharing</span><span style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-position: normal; font-variant-numeric: normal; font-variant-alternates: normal; font-variant-east-asian: normal; line-height: normal; orphans: 2; widows: 2;" class=""> with the NSA.</span>
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