Author: Jorge Timón 2014-04-24 11:22:24
Published on: 2014-04-24T11:22:24+00:00
In a discussion about the definition of "honest miners," Mike Hearn and Jorge Timón disagreed on what constituted an honest miner. Hearn defined honest miners as those who work to prevent double-spends, while Timón suggested that some miners decide on transactions based on reception times while others maximize their revenue while respecting protocol rules. Timón proposed calling these "stupid miners" and "smart miners" respectively. When Hearn stated that miners deliberately trying to double spend are worse than useless, Timón disagreed, arguing that proof of work makes transactions irreversible and even zero confirmation transactions can be possible in a replace-by-fee environment. Timón also criticized Hearn's proposal to prevent double-spending without relying on proof of work, stating that it is not secure and could result in an "invite only" transaction processing network.
Updated on: 2023-06-08T21:01:21.070168+00:00