Author: Devrandom 2017-11-06 22:39:02
Published on: 2017-11-06T22:39:02+00:00
Peter Todd, an expert in the field of cryptocurrency, has reviewed a draft proposal for soft-fork introduction of a new Proof of Work (POW) on the bitcoin-dev mailing list. In response to the proposal, Todd argues that it can't be called a soft fork, but rather a "pseudo-soft-fork" due to its different security model. The proposal suggests introducing auxiliary POW blocks between normal blocks, with each aux-POW block pointing to the previous normal block and containing transactions like a normal block. Each normal block, in turn, would point to the previous aux-POW block and must contain all transactions from that block. Todd notes that the cost of attack varies smoothly as the POW weights vary. To attack non-upgraded nodes, one would still have to "51%" the original POW, and the reward going to that POW will vary smoothly between 1.0 * block reward and whatever target value is set (e.g. 0.5 * block reward). Todd envisions the transition of POW weights taking place over a period of 1-3 years, which leaves plenty of time to upgrade after the fork activates.While the proposal is not without its challenges, Todd's review provides valuable insights into its potential benefits and drawbacks.
Updated on: 2023-06-12T21:54:53.788469+00:00