Author: ZmnSCPxj 2021-05-03 05:17:46
Published on: 2021-05-03T05:17:46+00:00
The conversation between Yanmaani and Ruben revolves around merged mining. Ruben suggests that the current method of storing one hash for a merkle root in Coinbase is not "blind", which means BTC miners have to validate the merged-mined chain. Yanmaani proposes a mechanism called the perpetual one-way peg, which allows for fair "spacecoin" creation by burning BTC to pay for fees. The perpetual one-way peg avoids creating bad speculative altcoin incentives. ZmnSCPxj expresses concern about the Blind Merged Mining (BMM) on the main chain, stating that the BMM is an economic incentive for sidechain functionaries to be honest. However, the BMM on the main chain is done by bidding, resulting in a bidding war among functionaries. This bidding war results in sidechain functionaries earning nothing, and the validation process becomes useless. If there is only one sidechain functionary, then the entire sidechain depends on this single entity. Thus, ZmnSCPxj concludes that it does not seem like blinded merge mining would work at scale.
Updated on: 2023-06-14T20:08:15.407851+00:00