Author: Paul Sztorc 2017-12-12 22:29:39
Published on: 2017-12-12T22:29:39+00:00
In an email correspondence between Paul and ZmnSCPxj, they discuss the issue of the collective action problem in fraudulent withdrawals and how it can be solved through a smart contract. ZmnSCPxj outlines a scheme where a thief recruits accomplices to the theft by offering an Accomplice Contract that locks coins for each accomplice. If the invalid withdrawal succeeds, the thief acquires the entire theft price from the Theft Contract by publishing the preimage on the blockchain, and each accomplice can then acquire their "cut" of the theft by claiming from the Accomplice Contract. Negotiation can be done in parallel with the theft attempt, reducing the cost of organizing collective action. However, even under this scheme, there is still a tiresome negotiation that drains both parties of time and effort and might potentially last forever, as well as a Market for Lemons problem with respect to how many blocks an Accomplice "will" mine.
Updated on: 2023-06-12T22:32:05.542411+00:00