People love when they receive an old coin or an old monetary note. Can we build that same excitement when receiving a UTXO?
For blockchains, I would say not likely since any given UTXO could have several inputs, from several inputs, from several inputs. Not very special (many-to-many relationship).
What about a unique cryptocurrency that is not blockchain based, and UTXO can only be generated from a single input? Somewhat more special (one-to-many relationship).
Not only would eliminating the bulk of a blockchain allow each UTXO to have a more direct, special history, but it would also allow each UTXO to be more scalable since it would only require the storage of that one UTXO's ancestors.
No need to store the entire network to validate the spending of a UTXO, just store the linear UTXO ancestry of the one UTXO being spent back to the sole origin/root UTXO of the ledger.
Any mobile wallet could easily store all the proof they need for validating their UTXO, and optionally delete any UTXO and its distinct ancestry after it is spent to maintain a lean wallet of only what is needed to validate the unspent.
Sure, there are some complications that need to be sorted out when eliminating the blockchain. Such as protecting against double-spending. But are blockchains really immune to that either? Often times, there are short forks in the blockchain until a victor is picked (some choose the longest chain, some the most dense).
These are some of the ideas behind my Hauprich project, a cryptocurrency built on the Nostr protocol. Will some of them stick? Probably. Will some be tossed? Probably.
One thing I know for sure is that it is easy to criticize a new idea. In fact, it would be quite hard to conceive an new idea that is immune to criticism. So, I welcome any criticism because it only paves the path between what the new idea is and what it must become.
Follow me for more updates as I develop this project into something quite neat.
#nostr #cryptocurrency #hauprich #development #ideas
CryptoDrew
npub1s8…4uw34
2024-01-17 02:06:41
Author Public Key
npub1s85qc34eh59hc4j0txry2fl6tuwvjn4x3grl9p593xz2xsds5t5qg4uw34Published at
2024-01-17 02:06:41Event JSON
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"content": "People love when they receive an old coin or an old monetary note. Can we build that same excitement when receiving a UTXO?\n\nFor blockchains, I would say not likely since any given UTXO could have several inputs, from several inputs, from several inputs. Not very special (many-to-many relationship).\n\nWhat about a unique cryptocurrency that is not blockchain based, and UTXO can only be generated from a single input? Somewhat more special (one-to-many relationship).\n\nNot only would eliminating the bulk of a blockchain allow each UTXO to have a more direct, special history, but it would also allow each UTXO to be more scalable since it would only require the storage of that one UTXO's ancestors.\n\nNo need to store the entire network to validate the spending of a UTXO, just store the linear UTXO ancestry of the one UTXO being spent back to the sole origin/root UTXO of the ledger.\n\nAny mobile wallet could easily store all the proof they need for validating their UTXO, and optionally delete any UTXO and its distinct ancestry after it is spent to maintain a lean wallet of only what is needed to validate the unspent.\n\nSure, there are some complications that need to be sorted out when eliminating the blockchain. Such as protecting against double-spending. But are blockchains really immune to that either? Often times, there are short forks in the blockchain until a victor is picked (some choose the longest chain, some the most dense).\n\nThese are some of the ideas behind my Hauprich project, a cryptocurrency built on the Nostr protocol. Will some of them stick? Probably. Will some be tossed? Probably.\n\nOne thing I know for sure is that it is easy to criticize a new idea. In fact, it would be quite hard to conceive an new idea that is immune to criticism. So, I welcome any criticism because it only paves the path between what the new idea is and what it must become.\n\nFollow me for more updates as I develop this project into something quite neat.\n\n#nostr #cryptocurrency #hauprich #development #ideas",
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