Author: Peter Todd 2013-10-24 14:30:43
Published on: 2013-10-24T14:30:43+00:00
In the context of out-of-band mining contracts, a suggestion has been made to make blockchain-based fee estimates work better. The idea is for miners to advertise in their coinbase's what fees were actually paid, as opposed to appear to have been paid. This assumes that miners are not an effective cartel and are willing to undercut each other. By broadcasting a transaction with a competitive fee, it will incentivize miners to immediately begin mining the transaction. Another related idea is to let miners advertise an address to submit transactions to, similar to a node IP. The inherent proof-of-work would help people securely find someone to connect with and confirm that a lot of work went into mining the block with the address in it. While there are certainly downsides to this approach, it offers a different security model than other forms of bootstrapping, which could be useful in itself.
Updated on: 2023-06-07T18:13:39.629934+00:00