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RubenSomsen / BMM.md
Last active Dec 31, 2019
Blind Merged Mining with covenants ( sighash_anyprevout / op_ctv )
View BMM.md

Blind Merged Mining with covenants ( sighash_anyprevout / op_ctv )

Blind Merged Mining (BMM) is the idea of committing the hash of another blockchain into a unique location on the Bitcoin blockchain, and paying a Bitcoin fee to miners for the privilege of deciding this hash and capturing the fees inside the other blockchain. Since miners don’t have to know what the hash represents and are simply incentivized to choose the highest bidder, it requires no extra validation on their part (“blind”). This idea was originally conceived of by Paul Sztorc, but required a specific soft fork. [0]

In essence, BMM is a mechanism that allows external blockchains (altcoins, tokens) to outsource their mining to the Bitcoin blockchain. Instead of burning electricity with ASICs, they pay bitcoins to miners, who in turn will perform Proof-of-Work (PoW) for the privilege of obtaining this payment. This increases the total PoW on the Bitcoin blockchain, which adds to the security of the Bitcoin network. It's an easy consensus

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