Published on: 2015-02-25T13:43:32+00:00
Chris Page, a member of the Bitcoin-development mailing list, has proposed a new idea called Block Endorsement. The aim of this proposal is to enhance the security of the blockchain, increase the number of full nodes, and provide more opportunities for bitcoin distribution. The proposal suggests the implementation of a new message within the current structures.Under the Block Endorsement scheme, full nodes would verify a specific block, known as B0. A subset of these nodes would then broadcast an endorsement message endorsing the block as valid and preferred. Miners would include these endorsements in the coinbase transaction of the subsequent block, referred to as B1, sharing the block reward with endorsers of B0. To incentivize miners to include endorsement payouts, a modification to the best chain selection algorithm is required. This modification would grant a significant bonus to a block's work for each valid endorsement payout included in its coinbase transaction. Essentially, a block's work with 10 endorsements would be considered doubled for the purpose of block selection. This makes a sustained 51% attack more costly to execute.However, there are still certain aspects of the proposal that need further exploration. These include potential attack vectors and the role endorsers could play in identifying possible double-spends. Chris Page welcomes feedback on whether to proceed with implementing the proposal or recommending a new Bitcoin Improvement Proposal (BIP). Under the Block Endorsement scheme, the rewards for endorsers would amount to as much as 20% of the block reward, which would be shared evenly among all endorsers included in the coinbase. When a new block is broadcast, miners would begin assembling another block, while full nodes validate the new block. Endorsements would propagate quickly to all miners. The implementation of Block Endorsement would not only provide an incentive for more full nodes but also encourage wider adoption of Bitcoin.Despite its potential benefits, the success of the proposal hinges on the thorough exploration of potential attack vectors and the role endorsers could play in detecting double-spends. Chris Page is eager to receive feedback to refine the proposal and address any remaining gaps or concerns.
Updated on: 2023-08-01T11:56:22.916994+00:00