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Ethereum: Why was BIP34 (Block v2, Height in Coinbase) not implemented via the coinbase tx’s locktime or nSequence?
Ethereum: Why BIP34 was not implemented by means of blocking coinbase or nsequency
The Ethereum project has faced significant challenges in maintaining its decentralized and transparent blockchain, especially when it comes to mining and developing intelligent contracts. One of the notable problems is the lack of a standardized way for miners to transition between the new public keys for each later block, known as BIP34 (block V2). In this article, we will explore why the Coinbase’s locking and locking mechanisms were not used to implement BIP34.
BIP34 problem
In 2011/12, a significant number of miners began to use personalized operating algorithms that ignored the best hashing practices to a new different public key for each later block. This has led to more issues:
* Inconsistent public keys : With each new generated public key, there was no centralized way to track and store these keys safely.
* Security risks
: Using personalized operating algorithms that were thrown at the same public key, the miners were vulnerable to the attacks of the malicious actors who could predict or guess the next public key.
Coinbase’s Locktime
The locking mechanism of Coinbase is a popular solution for managing the time of the block in the Ethereum network. The idea behind it is to create a “lock” around the blockchain, ensuring that only specific amounts of transactions can be executed in each block period. However, the Coinbase’s locking time was not used with BIP34.
nsequency and its limitations
The NSEQUENCE mechanism is another standardized way for miners to generate new public keys and engage them in the Ethereum blockchain. Although it offers an effective way to create new keys without compromising security, it also has its limitations. The NSEQUENCE algorithm is based on a sequence of public keys generated and engaged with blockchain in a specific order.
Why BIP34 was not implemented
There are several reasons why Coinbase’s locking and locking mechanisms have not been used to implement BIP34:
* Complexity : Bip34 implementation would require significant changes in the Ethereum protocol, which is complex and has been refined over time.
* Security risks : The use of personalized operating algorithms that have been to the same increased public keys, because malicious actors could predict or guess the next public key.
* Inconsistent public keys : The lack of a standardized modes for transition miners between the new public keys has made it difficult to maintain the consistency on the blockchain.
Conclusion
The use of blocking mechanisms of coinbase and nsequency has not addressed the fundamental problems with BIP34. While these mechanisms provide a safe and effective way to manage the locking time, they also introduce risks of complexity and security that can compromise the integrity of the Ethereum network. As the Ethereum project continues to evolve, it is essential to give priority to security and standardization over comfort and ease of use.
In conclusion, the lack of implementation of BIP34 through the mechanisms of blocking coinbase or Nsequency was a critical supervision that had significant consequences on the security and stability of the Ethereum blockchain.