Theymos: “ETH is already centralized… The developers have a key which allows them to kill any chain. With this level of control, they can apply any rules they want. I expect them to go the way of Ripple (with AML etc.) once regulators wise up to this.”

Theymos: "ETH is already centralized... The developers have a key which allows them to kill any chain. With this level of control, they can apply any rules they want. I expect them to go the way of Ripple (with AML etc.) once regulators wise up to this." submitted by /u/kkoolook
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Bitcoin

Would this scheme allow faster verification of transactions? (Multiple parallel block chains)

One issue with one block chain is that it needs to be globally synchronized. One way to elevate this would be to use multiblock chains.

Namely, we can imagine that there are N block chains, working in parallel. To make double spending impossible, a you can only spend a total of 1/N of your total money on each chain. (If they need to spend more, you can do so on multiple chains. This is slower, but hopefully you don’t need to do that as often. If, for example, there 10 chains, you have 100 units, and you are buying something for 15 units, you would spend 10 on one chain and 5 on another.)

After about 10 blocks or so (specifically when it happens is unspecified for now), a meta-block is mined that ties the chains together. This resets the 1/N limit, and allows money earned on one block to spent on the others. Otherwise, it would just be N different currencies.

Each individual block chain can go faster, since they will involve only 1/N of the community. More total blocks also means miners are rewarded more often, and more spread out.

Would this work? Would it verify transactions more often? Do any currencies currently use this?

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