Author: Mike Brooks 2020-10-08 04:04:08
Published on: 2020-10-08T04:04:08+00:00
The article discusses two proposed changes to the Bitcoin network: block-withholding attacks and Floating-Point Nakamoto Consensus (FPNC). The current issue with the miner withholding attack provides a material incentive to delay transactions and contributes to a more centralized network. FPNC introduces a floating-point fitness value for each block, allowing nodes to choose the solution that represents the most amount of work. This allows for a fair disagreement resolution process and reduces the incentive to withhold blocks. Additionally, speeding up block formation time while keeping inflation targets the same limits the amount of time that any attacker can withhold a block, thus mitigating the impact of malignant miners. An attacker cannot choose their FPNC fitness value, but they can choose when their block arrives and to whom. The "first seen" approach to block adoption pressures malicious miners into a race of message propagation that convinces undecided nodes to work for the dishonest chain. Clarifying the rules in which blocks will be replaced results in fewer disagreements forming, and leaving the process up to time can deputize nodes by malicious miners and aid in the mining of withheld blocks. Overall, these proposed changes aim to reduce the unfair advantages given to large pools and encourage honest mining practices.
Updated on: 2023-06-14T16:03:48.063610+00:00