Author: Cameron Garnham 2017-05-26 19:20:42
Published on: 2017-05-26T19:20:42+00:00
In response to a question about the potential security risks posed by ASICBOOST, a Bitcoin mining optimization technique, Cameron suggests that if it had been released without patent restrictions, the associated risk could have been avoided. However, now that the exploitation of CVE-2017-9230 has already occurred, releasing the patent for free would not alleviate the vulnerability we currently face. The problem with ASICBOOST is that it provides miners with a constant-factor advantage in zero-sum games like mining, giving them an exponential advantage over time. Initially, the effects were negligible, but the advantage has been growing exponentially, creating an emergency situation where only miners who use ASICBOOST will be profitable. This could lead to a single company or politically connected group gaining a virtual monopoly on Bitcoin mining, which would threaten the distributed nature of Bitcoin. Cameron urges vigilance against state-enforced licensing around mathematical algorithms, highlighting ASICBOOST as an example of what the Bitcoin community needs to defend against.
Updated on: 2023-06-12T01:22:07.635197+00:00