Author: Chris Page 2015-02-24 17:13:47
Published on: 2015-02-24T17:13:47+00:00
The proposed Block Endorsement idea aims to improve the security of the blockchain and increase the number of full nodes, while also providing more avenues for bitcoin distribution. This would be accomplished through a new message that fits into current structures. Full nodes would verify block B0, and a subset of these nodes would then broadcast an endorsement message endorsing the block as valid and preferred. Miners would add endorsements of B0 to B1's coinbase transaction, sharing the block reward with endorsers of B0. To encourage miners to include endorsement payouts, a change to the best chain selection algorithm is required. A block should receive a significant bonus to its work for each valid endorsement payout included in a block's valid coinbase transaction. For the purpose of block selection, a block's work, with 10 endorsements, is effectively doubled. This makes a sustained 51% attack more expensive.There are still gaps in the idea that need to be explored, such as potential attack vectors and the role endorsers could play in identifying possible double-spends. The author is open to feedback on whether to proceed with implementation or recommend a new BIP.Endorsement rewards would be as much as 20% of the block reward, shared evenly between all endorsers included in the coinbase. When a new block is broadcast, miners will begin assembling yet another block. Meanwhile, full nodes would validate the new block, and endorsements would propagate quickly thereafter to all miners. The implementation of Block Endorsement would provide an incentive for more full nodes, ultimately encouraging Bitcoin adoption. However, the success of the proposal depends on further exploration of the potential attack vectors and the role endorsers could play in identifying possible double-spends.
Updated on: 2023-06-09T18:04:11.168443+00:00