“Scaling and anonymizing Bitcoin at layer 1 with client-side validation” - our new proposal, also sent to bitcoin-dev mail list.
https://github.com/LNP-BP/layer1
“We propose a way to upgrade Bitcoin layer 1 (blockchain/timechain) without a required softfork. The upgrade leverages properties of client-side validation, can be gradual, has a permissionless deployment option (i.e. not requiring majority support or miner cooperation) and will have the scalability sufficient to host billions of transactions per second. It also offers higher privacy (absence of publically available ledger, transaction graphs, addresses, keys, signatures) and bounded Turing-complete programmability with a rich state provided by RGB or another client-side-validated smart contract system.”
How would this affect miner profitability, and thereby security, long-term, if as you say on-chain would be dead, long term? The BTC value would have to rise quite a bit over the coming century for it to be profitable to have even today's levels of mining on one or a few UTXOs from this system, with block subsidies going towards and eventually to zero.
Not saying it's unsolvable, guaranteed to be a problem, or anything, just wondering.
The proposed solution doesn’t tries to solve blockchain problems. It is targeted to replace it.
Miners mining billions of tx per minute will certainly earn more in fees than today with subsidiary and fees from few thousand of transactions per 10 mins
