Author: Eric Lombrozo 2015-07-05 18:50:23
Published on: 2015-07-05T18:50:23+00:00
The cost of validating blockchain has become too expensive to ensure proper network security, which has made compliance with the original security model impractical for most use cases. The current state of economics is already imbalanced and larger blocks would only worsen this disparity. As a result, trust has been introduced in validators, miners, relayers, explorer websites, and online wallets, which goes against the trustlessness that bitcoin was built upon. This means that the security model has gone out the window and has been replaced with something that isn't specified at all. Furthermore, there is no way of knowing the boundaries of the current model, as demonstrated by a recent fork. Currently, we are trusting a few developers and mining pool operators who may not always cooperate for the benefit of the network. Therefore, it is necessary to either solve the validation cost/bottleneck issue or construct a new security model that takes these trust assumptions into account.
Updated on: 2023-06-10T02:11:34.791147+00:00