Author: Aaradhya Chauhan 2022-08-03 15:40:34
Published on: 2022-08-03T15:40:34+00:00
Peter Todd, a Bitcoin developer, responded to a discussion on the bitcoin-dev mailing list regarding the possibility of attaching work to low fee transactions as a way to compensate and prevent spam. However, this idea was deemed problematic due to the prevalence of ASICs. Instead, Todd proposed a hashcash-based alternative broadcast scheme that would rate-limit access to a broadcast network used by a small minority of nodes. This system would not be a consensus system, so it would be okay to change the PoW algorithm if someone were to build an ASIC for it. Additionally, it is acceptable for multiple versions of the scheme to run in parallel. Todd's proposal is sophisticated and consequential, but not infeasible.
Updated on: 2023-06-15T23:24:31.455802+00:00