Author: Damian Williamson 2018-09-15 05:29:20
Published on: 2018-09-15T05:29:20+00:00
Andrew proposed a solution to prevent subtle attacks like block withholding, selfish mining, collusion and anything that aims to drive out competition in order to increase hashrate fraction. This involves adding the concept of "reserve fees". When a user makes a transaction, for each txout script, they can add parameters that specify the fraction of the total fee that is held in "reserve" and the time it is held in "reserve". The "reserve" part of the fee will be paid to miners if the hashrate rises. A new hashrate is calculated h1 for each period (1 day), and if h1 > h, then the fraction (h1-h)/p from the reserve fees created in the past 2016 blocks will be released to miners for that period. This should incentivize miners to not drive out the competition since less of these reserve fees will be given to miners. The leftover part can be used by the owner of the unspent output but it can only be used for paying fees, not as inputs for future transactions. This change wouldn't force anything and would be voluntary by each user. Miners have to agree to it with a soft fork. Resource requirements for validation are quite small and this change will be important as fees will get more important in the future.
Updated on: 2023-06-13T14:38:33.665754+00:00