Topic: Researchers Claim New Bound for 'Honest Nodes' in Bitcoin Network (Read 1416 times)
Thanks, leemar.
November 04, 2013, 12:41:09 PM
There's a discussion on the dev and technical thread.
https://bitcointalksearch.org/topic/majority-is-not-enough-bitcoin-mining-is-vulnerable-324413
https://bitcointalksearch.org/topic/majority-is-not-enough-bitcoin-mining-is-vulnerable-324413
November 04, 2013, 12:36:59 PM
Very interesting indeed! I'd like to hear comments from other experts.
November 04, 2013, 12:16:54 PM
Quote
Currently, any pool can employ Selfish-Mine and start a mudslide. Eyal and Sirer suggest a practical fix of the protocol that would prevent pools smaller than 1/4th of the system from employing Selfish-Mine. They warn, however, than pools this large do exist today (for benign reasons), and they should be dismantled for the system to be immune to selfish mining.
This result implies a new bound, requiring 3/4 of the miners to be honest. This bound is significantly higher than the wrongly-believed 1/2. The authors believe, though, that “the Bitcoin ecosystem is strong enough to maintain such a large majority of honest miners”. The question is – can the miners operating today adopt the suggested fix and dismantle too-large pools before a selfish mining pool arises?
This result implies a new bound, requiring 3/4 of the miners to be honest. This bound is significantly higher than the wrongly-believed 1/2. The authors believe, though, that “the Bitcoin ecosystem is strong enough to maintain such a large majority of honest miners”. The question is – can the miners operating today adopt the suggested fix and dismantle too-large pools before a selfish mining pool arises?
just passing this along, someone sent me this today. Paper is published on Arxiv.
http://www.newswise.com/articles/bitcoin-open-to-takeover-researchers-discover-with-new-algorithm
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