Bitcoin payment service BitPay recently blogged-in a proposal to create ChainDB, a new peer-to-peer database system.
Their whitepaper, which briefly credited the Bitcoin technology as the source of inspiration, also spoke at lengths about harnessing the digital currency mining network to secure BitPay’s very own chain of blocks. It said that a ChainDB database system can be designed to organize transactions within blocks that can be later put to be validated by the Bitcoin consensus.
“Validation rules specific to a ChainDB govern whether a given chain of blocks and transactions is valid,” the San Francisco company wrote. “Participants in a chain create blocks and append them to the chain by competing to get their block defining transaction into the Bitcoin block chain. Block selection rules govern which participant successfully defines the next block.”
BitPay further proposed to offer rewards upon the validation of the blocks — similar to the ways by which Bitcoin mining network governs.
In brief latter parts of the whitepaper, BitPay described the close proximities between the functionalities of ChainDB and the Bitcoin blockchain; and how they can be interconnected to form a viable consensus mechanism. The topics it covered in the whitepaper consisted the semantics of ChainDB’s transaction, blocks, bidding and network mechanism — each leading to a conclusion that described the amazing potentials of public and private database management.
“By utilizing the Bitcoin mining network,” BitPay said while concluding, “a ChainDB benefits from the full power of the Bitcoin mining network to create an unforgeable history of database mutations. To the extent a ChainDB has value and participants are willing to extend its chain, that value will be reflected in the Bitcoin transaction fees that participants are willing to bid.”
You can read the full whitepaper here.