Forward Blocks – A proposal to increase on-chain settlement capacity by 3584x with a soft-fork

Mark Friedenbach, a bitcoin core developer, proposes a new idea he is calling Forward Blocks, for Bitcoin. It enables all sorts of amazing capabilities via soft-fork. You can read the whole paper here ( http://freico.in/forward-blocks-scalingbitcoin-paper.pdf ) and I believe he will be presenting it this weekend at Scaling Bitcoin.

Here's a snippet from the paper that does a great job summarizing a lot of the potential improvements:

We demonstrated that the idea of forward blocks provides a unifying mechanism that:

• Provides on-chain settlement scaling of up to 3584x current limits as a soft-fork;

• Provides for an (optional) proof-of-work upgrade as a soft fork;

• Limits growth of validation costs with a flexible weight limit;

• Decreases centralization risks through the adoption of sharding; and

• Provides a framework for ledger accounting in future protocol extensions including but not limited to:

– A rebatable fee market with consensus-determined transaction clearing fee rates;

– Confidential transactions for obscuring transaction amounts;

– Mimblewimble, ring signatures, or anonymous spends for obscuring the spend graph; and

– Sidechain value-transfer mechanisms.

While there are many moving parts to this proposal, it is not beyond the level of complexity of prior extensions adopted by bitcoin (e.g. segregated witness), and achieves a variety of benefits comparable in magnitude.

submitted by /u/johncantrell97
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Bitcoin – The Currency of the Internet

Venezuelan govt blocks bank accounts of people leaving the country

Venezuela's Maduro is exemplifying how the banking system can be weaponized for political purposes. Political oponents and millions of people simply leaving the country to avoid starvation are finding access to their meager savings blocked.

This can happen, will happen, in many other countries. It is the logical conclusion of the cashless society… unless Bitcoin wins and gives people their monetary sovereignty back.

submitted by /u/flix2
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Bitcoin – The Currency of the Internet