Author: Ilya Eriklintsev 2017-06-22 14:18:40
Published on: 2017-06-22T14:18:40+00:00
Ilya Eriklintsev has proposed a decentralized proof-of-work (PoW) as a solution to improve Bitcoin network, making it better store-of-value for growing cyberspace and cryptoeconomy by modifying simple PoW puzzle in such a way that user transactions could be hardened with the same PoW algorithm. Currently, the Bitcoin network is susceptible to the DDoS attack of a kind which reduces the system's primary ability to transfer value. The proposed solution would incentivize all miners to include the sender's transaction in the next block, giving a handicap to every miner who includes "mined" transaction into next block, increasing the probability of him getting block reward. Adversary creating and translating into the network a lot of transactions carrying small value(e.g. only miners fee), will be able to impair the ability to transfer value for everyone in the world, should he has enough money to pay the fees. Miners would continue to work providing security for the network and new blocks will consist of transaction transferring negligible value. It's a major drawback because the cost of such attack doesn't grow asymmetrically with the cost of BTC asset. In order to investigate probable consequences of protocol upgrade and stability of implied economical equilibrium, an adequate game theoretical model is required. Such model and numerical simulation results should be obtained and studied before any protocol change could be considered by the community.
Updated on: 2023-06-12T02:54:48.480316+00:00