Author: Oscar Lafarga 2019-07-16 20:35:21
Published on: 2019-07-16T20:35:21+00:00
The email thread between Kenshiro and Oscar Lafarga discusses the proposed implementation of Proof of Stake (PoS) in Bitcoin Core. Lafarga notes that the system would operate as an independent addition rather than an alternative to the current Proof of Work consensus code. He also highlights potential security risks associated with the introduction of block explorers and dispatch systems, which could reduce the trustlessness of the network. Additionally, without constraints placed by PoW on block creation, there is an increased vector space for attacks. Lafarga argues that similar checkpointing schemes have weakened consensus in the past, and he has not seen any cases where these schemes have improved the Bitcoin network. Kenshiro proposes that correctly implemented PoS could be 100% secure against all 51% history rewrite attacks and suggests two improvements: hardcoded checkpoints and moving checkpoints. These additions would protect the blockchain up to the last checkpoint and prevent any long-range attack. Nodes would only allow chain reorgs not deeper than N blocks, providing full protection to online and updated nodes. Nodes that are not fully updated need some extra rule to be protected. Kenshiro concludes by proposing that someone could have 99% of the coins and still would be unable to use them for any history rewrite attack.
Updated on: 2023-06-13T20:05:46.595784+00:00