Author: Billy Tetrud 2022-03-17 15:38:53
Published on: 2022-03-17T15:38:53+00:00
A proposed coin-weighted signature-based poll system has been put forth that would be immune to sybil attacks due to the response-weight being tied directly to UTXO amount. The proposal involves every pollee signing messages for each UTXO they want to respond to the poll with, and a signed message is only valid while the UTXO remains unspent. Poll results are considered only at each particular block height where the support and opposition responses are weighted by the UTXO amount and the support/oppose fraction in the message. This allows for a rolling poll through the blockchain as new signed poll messages come in and as their UTXOs are spent. The proposal also includes putting support and oppose fractions in the message, which can be useful for multiple participant UTXOs, such as lightning channels where each participant disagrees with the other.In regards to mining power costs per chain, it is agreed that in perfect competition, they tend to equal the rewards offered by that chain. However, it should be considered that it takes time for an economic shock to reach its new equilibrium, and that period of time should be taken into account when preserving a minority fork. When it comes to deploying a proposal that one does not want to succeed, speedy trial activation is preferred over BIP8+LOT=true activation. Speedy trial at 90% signaling threshold can quickly determine that the proposal does not have enough consensus among miners, whereas BIP8+LOT=true could polarize the debate and worsen the community's ability to communicate and talk through issues. In terms of soft-forking against activation, a mechanism already exists, and BIP+LOT=true is preferred over speedy trial activation. Not upgrading one's node does not prevent a soft fork from being activated in the chain, and staying in the old chain with the economic minority is an option. The consequences of a soft fork are not always opt-in, such as with segwit which contained a block size limit increase.
Updated on: 2023-06-15T18:02:36.410189+00:00