Does anyone see any concerns when it comes to security of the proposed
change?
Yes. This proposal is less secure.
It is incompatible in theory with existing implementations of the
specification. The incompatibility is also a potentially a security
problem because it may cause users to
Does bitcoin properly handle the case of a hash collision? no - because it is
considered too unlikely. The case of I_L = n is also astronomically unlikely,
so it's more a matter of improved performance and simpler data structures under
expected circumstances and taking that less than 1 in 2^127
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