Author: Damian Williamson 2017-12-24 01:13:27
Published on: 2017-12-24T01:13:27+00:00
The email sent to the bitcoin-dev mailing list discusses a potential issue with the current incentive system in Bitcoin, which may result in high fees for regular users. The author suggests that miners may be incentivized to spam the network with low-fee transactions, which would force regular users to pay higher fees to get their transactions confirmed. The author presents calculations showing that such an attack could be profitable even if the miner controls just 5-10% of the hashing power. The author proposes several solutions to this problem, including increasing block size, changing the proof-of-work (POW) algorithm, or implementing a protocol-level maximum transaction fee. The author suggests that a maximum fee would make spam more expensive than the fees recovered and would not give miners an unfair advantage. The email also includes links to relevant information and discussions on the topic.
Updated on: 2023-06-12T23:20:01.052483+00:00