Author: Moral Agent 2018-09-14 14:49:16
Published on: 2018-09-14T14:49:16+00:00
The context discusses various ideas proposed by Andrew, which aim to prevent attacks on the Bitcoin network such as selfish mining, collusion, and block withholding. One of the proposals involves the concept of "reserve fees," where users can add parameters to their transaction outputs specifying a fraction of the total fee that is held in reserve for a set amount of time. This reserve fee would be paid to miners if the hashrate rises, incentivizing them not to drive out competition and creating more space for transactions with fees. Another proposal suggests "modulating" the block reward according to peak hashrate, so that miners who collude to mine at a lower hashrate than peak would receive fewer rewards. However, this proposal may be controversial due to easier mining for early miners and may require a new, more dynamic difficulty adjustment algorithm. Overall, these ideas aim to address potential attacks on the Bitcoin network and ensure its security.
Updated on: 2023-06-13T14:39:56.821486+00:00