Published on: 2017-05-30T17:30:55+00:00
A proposal was put forward on the Bitcoin-dev mailing list to enable users to participate in the BTC blockchain network without mining. The proposal suggested implementing a lottery system that would run alongside mining, where lucky participants would be randomly rewarded at specific intervals of time. However, Yann raised concerns about the feasibility of this idea due to the potential for Sybil attacks. Even if there was a way to prove that an entity performed transaction validation, Sybil attacks could still undermine the system. Additionally, proving the relay of transaction data to others is also vulnerable to Sybil attacks.To address these issues, the improvement proposal suggests allowing devices, including mobile and IoT devices, to connect and participate in the BTC blockchain network without mining. Participants would have the opportunity to take part in a lottery scheme that operates parallel to mining within the same network and on the blockchain. The incentive for these participants would be the chance to be randomly rewarded at regular intervals of time. However, it should be noted that participants would need to pay a price for each connection round.Overall, the proposal aims to expand participation in the BTC blockchain network by providing an alternative means for users to engage with the system. By incorporating a lottery system, it offers an additional incentive for users to connect their devices and contribute to the network. However, the potential vulnerabilities to Sybil attacks must be carefully considered and addressed to ensure the effectiveness and security of the proposed system.
Updated on: 2023-08-01T20:48:54.876106+00:00