HI all, I am new to this forum but I have been following Bitcoin, for some 3 months now. Natrually I have bought Bitcoin as well.
I am aware of the discussion and conflict regarding the current 1M block size limit and scalability and longer confirmation times, which has started creating issues since Bitcoin became more popular and more user/transaction picked up.
I had an idea how possibly this could be solved by increasing the block size, as Bitcoin Unlimited suggests - to allow miners to propose what block size they would like to have and I assume the majority of them will decide collectively and democratically, which one to adopt.
However increasing the block size will clearly also create faster increase in Bitcoin block chain, which is already over 100GB.
My idea was that, instead of every miner and node having to have the whole block chain, would it be good and possible to split the block chain data into "sections"?
By this I mean, for example... for the simplicity if explaining... lets say we split the block chain data into 3 parts and the code is set to randomly allocate 1/3 of the miners to keep record of 1/3 of the block chain data, and other 1/3 keep record of other 3rd of data and so on. This would split the required space needed to keep the records of the block chain.
We would have few thousands of nodes/miners keep records of 1/3 of data, hence reducing the space needed, which would help a lot once the block size increases.
Each portion of the block chain would have say 2 blocks overlapping, from the previous and next portion held by other miners/nodes, so that there exists continuity on the block chain, and miner/node with its own starting and finishing block of their block chain portion would be able to confirm that it continues correctly from the previous and next blocks from other portions of the block chain held by other miners/nodes.
How does this idea sound?
The decentralisation would still exist, the Block chain code could be coded so that portions of the block chain are held by miners/nodes in physically diverse part of the world, so that in case of failure or loss of electricity of one or more miner/node, there would be enough redundancy to keep the block chain safe and always working.
Doing this I think, we could have larger block sizes, that will allow more transactions per second, and at the same time reduce the load of block chain data keeping for each miner/node.
I would love to hear what coding teams of BU and SegWit have to say about this idea?