Author: Ruben Somsen 2018-09-01 17:26:54
Published on: 2018-09-01T17:26:54+00:00
When a user creates a transaction with a fee attached, they incentivize miners to add their transactions to the blockchain. This is beneficial for both the user and the network, as all fees contribute to the security of other transactions in the chain. Transactions from Bitcoin Core are more specific in their instructions to miners, requiring them to build on top of the last block instead of reorganizing the blockchain. BIP 115 allows users to create transactions that are only valid if they are mined on top of a specific block, serving as a deterrent for miners to reorganize the blockchain. Coinjoin is another method for users to be more specific, combining payments of multiple users into a single transaction and making it harder for miners to censor specific payments.In a theoretical scenario where every block contains only a single coinjoin transaction, the validity of which depends on the inclusion of a specific previous block, and the block reward is negligible compared to transaction fees, miners would have to create three empty blocks to overtake the longest chain and undo a specific transaction that happened two blocks ago. However, since users can refuse to let their new transactions be mined on top of the empty blocks, this behavior would be completely disincentivized. While not easy to achieve in practice, this demonstrates the potential for users to become more empowered and benefit censorship resistance.
Updated on: 2023-05-20T17:38:03.796310+00:00