Author: Paul Sztorc 2017-06-23 18:11:26
Published on: 2017-06-23T18:11:26+00:00
The email conversation discusses the feasibility of using a proof-of-burn sidechain as an alternative to merged mining for increased security. Erik Aronesty suggests that users would tolerate depreciation due to the cheap and secure transactions and accumulation of a ledger before moving into the main chain. However, Paul Sztorc counters that this scheme would be more expensive and relatively less secure than alternatives. Additionally, he does not believe that blind merged mining messes with the main chain's incentive structure. Sztorc supports UTXO commitments for sidechains and argues that miners may ultimately decide to mine both/all chains. He also explains that the security of any mining network is determined by the total economic value of the block, which can lead to a self-fulfilling prophecy if users avoid using an insecure network. Thus, merged mining may be the best option. Aronesty suggests enforcing different POW for the sidechain to prevent destabilization of the main chain and further concentration of power among miners.
Updated on: 2023-06-12T02:15:06.703373+00:00