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Coin archiving
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= Technical thoughts on implementation = * As already stated - the TX formats for Bitcoin-style blockchains are all the same so if the code is built to be general-purpose we can support hundreds of currencies instead of just one. * Merkle-trees allow for the entire blockchain to be scanned in as a single hash where outputs can be spent by revealing branches in the merkle tree. This is a highly efficient way to scan in gigabyte blockchains on Etherem and allow the coins to be economically usable straight away. * It was a standard practice to modify the reward mechanism and sometimes even the consensus algorithm for Bitcoin forks. IMO, this can still be specified with higher-level virtual mining rules. * Because of technical overlap between currencies, it is only necessary to build contract support that understands a general-purpose definition of the Bitcoin transaction format. For optimizations you can use merkalized abstract syntax trees to add support for Script on top of Etherem. * Fees are your biggest problem with this. You’re going to have to pay Ether as fees to execute your virtual transactions but that isn’t realistic. What I can suggest regarding this is to combine the decentralize exchange with the contract so that you can specify fees in the virtual coin that are automatically sold to users on the exchange for enough Ether to cover the transactions - this is highly experimental and Ethereum doesn’t yet allow contracts to pay for their own fees. * It is not necessary to have exact support for the economic logic for rewards before these virtual coins are usable. You can choose to defer that until later and only use standard transactions to allow for value to be spent between users. In this case, there are no new coins created while the economic rules are undefined but “virtual mining” would still allow the system to confirm transactions for users. pandoc version 3.6.1
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