Author: Orfeas Stefanos Thyfronitis Litos 2019-11-26 11:41:50
Published on: 2019-11-26T11:41:50+00:00
The University of Edinburgh is a charitable body that is registered in Scotland and has registration number SC005336. Orfeas, in response to ZmnSCPxj's suggestion about using fees as a replacement for proof-of-work (PoW), stated that fees and PoW are not equivalent. He explained that burning up-front fees can impose a hard maximum of 21 * 10^6 * 10^8 global lifetime hops, whereas PoW does not have such limits, leading to different dynamics. Locking the up-front fees means that one can burst-spam and repeat after the unlock. However, if the PoW scheme enforces fresh PoWs, then the attack cannot be carried out. Orfeas explained that if "equivalent" means "a drop-in replacement," then he disagreed with this claim. If it means that there exists a fee-based scheme with the same incentives and large-scale dynamics for any scheme using PoWs, he wanted a formal statement and proof of this claim. Orfeas suggested that PoWs warranted separate investigation from fees.
Updated on: 2023-06-02T21:15:11.430310+00:00