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authorPeter Todd <pete@petertodd.org>2014-12-16 07:36:42 -0500
committerbitcoindev <bitcoindev@gnusha.org>2014-12-16 12:36:56 +0000
commit8964626009cd228003701aa7e678b6740cb870fc (patch)
treea9011e1b163333d4563422041dabbe195f0df350 /e5
parent3ca79502c3291c656ebc86c62a2f01fd44c9aa97 (diff)
downloadpi-bitcoindev-8964626009cd228003701aa7e678b6740cb870fc.tar.gz
pi-bitcoindev-8964626009cd228003701aa7e678b6740cb870fc.zip
Re: [Bitcoin-development] Merged mining a side chain with proof of burn on parent chain
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+Date: Tue, 16 Dec 2014 07:36:42 -0500
+From: Peter Todd <pete@petertodd.org>
+To: Alex Mizrahi <alex.mizrahi@gmail.com>
+Message-ID: <20141216123642.GA19943@savin.petertodd.org>
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+Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
+Subject: Re: [Bitcoin-development] Merged mining a side chain with proof of
+ burn on parent chain
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+On Tue, Dec 16, 2014 at 11:55:50AM +0200, Alex Mizrahi wrote:
+> Usually at this point people say "we assume that miners aren't going to
+> collude, otherwise even Bitcoin is not secure".
+> Well, this is BS. The fact that a pool can acquire more than 50% of total
+> hashpower was successfully demonstrated by ghash.io.
+> But the thing is, Bitcoin doesn't offer one a good way to attack the whol=
+e,
+> as there are powerful factors which will work against the attacker.
+> But this is not the case with sidechains (or any merged-mined chains, for
+> that matter).
+> And once you have a clear incentive, collusion is much more likely.
+
++1
+
+It's notable that blockstream hasn't published much if anything concrete
+on what exactly you'd use merge-mined sidechains for; they're even worse
+than Ethereum in that regard.
+
+> > Proof of Burn is a real cost for following the rules.
+> >
+>=20
+> So what? As long as cost is less than revenue, it is OK.
+
+It's even better than that: if an attack does happen, the participants
+in the consensus system have an incentive to defend against it to
+maintain the value of their tokens. Proof-of-burn allows that defense to
+be in response to a threat, and essentially unlimited in size.
+
+So now any attacker knows that if they launch an attack in theory the
+response could be as strong as the value of the system itself.
+
+This can be improved upon with systems that allow the tokens to be
+burned, "internal" proof-of-burn. This suffers from "nothing-at-stake"
+vulnerabilities to an extent, OTOH within the context of the system it
+is a true sacrifice of value; probably not a big deal in a zookeyv-style
+block-DAG where multiple lines of history can be combined. Here the
+incentives of the defenders are even more strongly tipped towards
+burning their value to preserve the system, not unlike
+replace-by-fee-scorched-earth thinking.
+
+--=20
+'peter'[:-1]@petertodd.org
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