From the BIP300 Abstract:
> In Bip300, txns are not signed via cryptographic key. Instead, they are "signed" by hashpower, over time. Like a big multisig, 13150-of-26300, where each block is a new "signature".
In essence, block builders (pools) cast votes via special transactions on which sidechains to activate, deactivate and overwrite. They also vote on peg-out transactions (sidechain escrow withdrawal).
So as I understand it, miners will want to consider pools’ policies with respect to these questions when deciding where to point their hash. Not just the economics of income stream.
For example, one pool may support the activation of an NFT-focused sidechain, while another doesn’t. Miners will have to pick which pool they want to support.
jimbocoin / jimbocoin 🃏
npub1v9…x9q3h
2023-08-30 20:49:41
in reply to nevent1q…cv7s
Author Public Key
npub1v9qy0ry6uyh36z65pe790qrxfye84ydsgzc877armmwr2l9tpkjsdx9q3hPublished at
2023-08-30 20:49:41Event JSON
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"pubkey": "6140478c9ae12f1d0b540e7c57806649327a91b040b07f7ba3dedc357cab0da5",
"created_at": 1693428581,
"kind": 1,
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"content": "From the BIP300 Abstract:\n\n\u003e In Bip300, txns are not signed via cryptographic key. Instead, they are \"signed\" by hashpower, over time. Like a big multisig, 13150-of-26300, where each block is a new \"signature\".\n\nIn essence, block builders (pools) cast votes via special transactions on which sidechains to activate, deactivate and overwrite. They also vote on peg-out transactions (sidechain escrow withdrawal).\n\nSo as I understand it, miners will want to consider pools’ policies with respect to these questions when deciding where to point their hash. Not just the economics of income stream.\n\nFor example, one pool may support the activation of an NFT-focused sidechain, while another doesn’t. Miners will have to pick which pool they want to support.",
"sig": "47fdb7608c03a44314e688e535522c31b1786904125715fdfdd6e43ca7990226820fb22bc08735fc85f3df7c76dbc4410d24752e688fe2e44a78124782528c67"
}