Post
Topic
Board Bitcoin Discussion
Re: Off-chain Transactions
by
MoonShadow
on 26/02/2013, 01:55:36 UTC
While I agree with the perspective of the OP, the greater gain would be to develop some kind of standard overlay network, across which many smaller BCH's, wallet services, exchanges, etc could interact off of the bitcoin network; and periodicly settle up upon the main blockchain.

This sounds like an interesting idea.

I started to wonder if daughter alt chains (specifically made for the task) could provide the off network transactions, with the main bitcoin network remaining only to periodically combine the last n txs from a daughter chain into blocks. This way a client would only need to keep a copy of the chain to which they were subscribed. Then I realised that each daughter chain would be less secure than the main network, and since this is not something of which I have an indepth understanding, there will probably be other reasons this can't be done.

So maybe alt chains (if only the term "alt chain" didn't have the connotations it unfortunately has). If the block size problem becomes an issue for miners or users, alt chains like litecoin may see greater use. Or maybe geographically local alt chains that are otherwise identical to bitcoin?

I hope not.  Part of the benefit of bitcoin is the network effect, which is damaged, not improved, by the growth of alt-coins.  The idea that I just described still uses bitcoins as it's underlying asset.