Author: Mike Hearn 2014-04-23 12:51:24
Published on: 2014-04-23T12:51:24+00:00
In an email conversation between Christophe Biocca and an unknown recipient, they discussed the potential risks of a proposed system in which everyone votes to reallocate each other's blocks. They concluded that this strategy would not work as it would result in losing one's own coins. They explored alternative solutions such as requiring supermajorities or burning coins instead of reallocating them. The idea of burning coins was favored because it reduces miners' incentive to attack honest pools. Although it may result in a loss of resolution, the system would still work effectively, similar to the double-spending defense mechanism. The conversation then shifted to BitUndo, a company that gets paid using additional txouts in double-spend transactions, rather than miner's fees. They assumed that block rewards matter to miners, even those who have double spend revenues.
Updated on: 2023-06-08T20:47:00.781188+00:00