Author: Sergio Lerner 2015-05-11 06:09:58
Published on: 2015-05-11T06:09:58+00:00
In a 2015 discussion, Gregory Maxwell and Sergio Lerner deliberated on whether the Bitcoin network could be gamed. Lerner proposed five methods for users to pay fees to miners, the first of which was through transaction fees, which would be limited by the CoVar algorithm but could still create a fee market if it were the only way to pay fees. The second method involved creating multiple transactions with an output that pays each miner fees without pre-negotiation. This became complex as the IP addresses of top miners are not publicly available. Method three was adding an anyone-can-spend output for fees. However, this came with drawbacks such as increased transaction size and slower propagation time. Method four involved using a single input to add the desired amount plus fees to join many transactions. Finally, the fifth method involved negotiating out-of-band with the miner previously. This created a parallel out-of-band market for fees, which is what the system needed. Lerner concluded that alternate fee-paying methods without pre-negotiation were not reliable or cost-saving options. He suggested reducing the block rate to 1 minute, using the CoVar method and not allowing spending outputs in the same block they were created.
Updated on: 2023-06-09T20:34:21.224684+00:00