Author: CANNON 2017-03-24 16:03:31
Published on: 2017-03-24T16:03:31+00:00
The original idea behind Bitcoin was that nodes would also act as miners, with mining power distributed among them. However, due to the centralization of mining power and monopolization of ASICs, a small group of people are now controlling a growing amount of hash power. This group aims to hijack the Bitcoin network for their own dangerous agenda, which could centralize power of consensus to themselves, the miners. Their code base is buggy, insecure and reckless from a technological standpoint. They currently control 39% of hashing power and are threatening to attack the valid chain by dedicating some mining power solely to mining empty blocks and orphaning the valid chain.This poses a serious threat to the validity of the blockchain and could lead to a hardfork coin split. To prevent this, it is proposed that nodes be updated to ignore empty blocks and not only that, but also blocks that are abnormally small compared to the number of valid transactions in the mempool. This would prevent malicious miners from suppressing transaction fees and block rewards to force economic activity onto their chain. By defending against attacks to the valid chain, the blockchain can remain secure and stable.
Updated on: 2023-06-11T22:29:03.118481+00:00