Author: Billy Tetrud 2021-06-22 18:20:51
Published on: 2021-06-22T18:20:51+00:00
The context of the conversation involves a proposal to improve Bitcoin's transactions per second and privacy. One reader has requested more information about the benefits of this approach compared to other alternatives, such as the Lightning Network, in terms of security, cost, usability, and privacy. The reader suggests that if specific claims were made about how this system is better than others in certain contexts, it would be easier to evaluate the protocol against those claims. Another reader recommends making the protocol transport-agnostic to allow users to use any transport they want rather than using email for the protocol. Additionally, the conversation includes a discussion on the assumptions made about mining and the risk/reward ratio for corrupted miners finding the next block. A reader suggests that miners won't build on top of a block with transactions they have not seen before or transactions that may contain double spends of unconfirmed inputs. However, another reader notes that as long as the block passes the consensus rules, all miners will mine on top of it. Moreover, the behavior of mining is fundamental to how it currently works and is baked into the current mining infrastructure. The reader also questions how a BIP for miners could work in a decentralized way. Finally, there is a discussion about high Bitcoin transaction fees and the latency between the time a transaction is broadcasted and when miners switch to mining on top of it.
Updated on: 2023-06-14T22:59:49.043781+00:00