Author: Peter Todd 2017-04-06 02:31:23
Published on: 2017-04-06T02:31:23+00:00
In a discussion on the Bitcoin-dev mailing list, Gregory Maxwell has proposed an update to the Bitcoin protocol that would inhibit covert forms of the ASICBOOST exploit. While some are in favour of blocking only covert usage, others argue that there is every reason to eliminate both non-covert and covert usage. The ASICBOOST exploit provides an enormous advantage in mining which could increase profit margins by up to 10 times, creating a legal vulnerability in Bitcoin. Furthermore, it increases the minimum capital requirements to enter the ASIC manufacturing and design business, making it more difficult for new entrants. As PoW is designed to destroy value on a level playing field, anything that inhibits this is considered an exploit. While not all exploits can be fixed completely, the proposal will partially mitigate the ASICBOOST exploit.
Updated on: 2023-06-11T23:44:07.565747+00:00