Author: Kevin 2014-04-23 16:33:56
Published on: 2014-04-23T16:33:56+00:00
In an email exchange, Christophe Biocca proposed a new method to prevent double-spending in the Bitcoin network. The new proposal suggested attacking the coinbase instead of orphaning and allowing for 100 blocks' time for a consensus to be reached, which would allow human verification/intervention if needed. However, the original specification of how it's done (redistribution, no cost to voting) does seem exploitable but can be fixed by reducing the incentive (burning instead of redistributing) and/or adding a risk to the orphaning attempts. The proposal may be used for things other than punishing double-spend pools. Alex Mizrahi expressed concerns that such a change could mean miners would look to vote for coinbase reallocation on every block making it similar to prisoner's dilemma where equilibrium has worst pay-off.
Updated on: 2023-06-08T20:55:42.253538+00:00