Welcome, welcome to One Minute Crypto!
I’m your host, Chronos, and today, a new idea
coming out of the Bitcoin Cash community to
help make instant transactions more reliable.
The basic issue is that bitcoin blocks are
only mined every 10 minutes on average, and
that’s a long time to wait for your first
confirmation on the blockchain.
Can we do better?
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So, the inventor of this idea, Awemany, calls
it Delta Blocks, and you’ll see why in a moment.
But then, this guy isn’t just a software developer,
he’s a marketing genius, because he’s also
naming the idea “Storm”.
Because let’s face it, would you rather use
Delta Blocks, orBitcoin Storm?
Anyway, here’s the idea: when bitcoin miners
are working on the next block, they are basically
trying to get lucky enough to find a solution
to the current mining problem.
They are guessing numbers, and checking if
they qualify as a solution, as fast as they
can.
But sometimes they get really close to qualifying
as the next block, but not quite.
These almost-winners are called “weak blocks”,
because they’re a little too weak to get added
to the main bitcoin blockchain, and today,
they’re just thrown away by the miners.
There’s already an idea out there to use these
“weak blocks” to store the priority of transactions
waiting for the next “real” block.
But Delta Blocks, or Storm, takes this a step
further: it shows a way that the weak blocks
can be combined together over time, to build
a sort of a graph, or tree, of weak blocks,
giving a level of confidence that their transactions
will be added to the next official block when
it comes out.
Awemany even built a program to simulate how
this might play out on the live Bitcoin Cash
network, which looked like a bunch of gobbledygook
to me.
For the rest of us, this means that even if
our transactions are unconfirmed, we can still
have confidence that they’ll be included in the
blockchain when the next block is mined.
Discussions are still ongoing about how exactly
this might be implemented in Bitcoin Cash.
Post your thoughts below the video.
I’m Chronos.
Thanks for watching!