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Towards Overcoming the Undercutting Problem. (arXiv:2007.11480v4 [cs.CR] UPDATED)
July 14, 2022, 1:20 a.m. | Tiantian Gong, Mohsen Minaei, Wenhai Sun, Aniket Kate
cs.CR updates on arXiv.org arxiv.org
Mining processes of Bitcoin and similar cryptocurrencies are currently
incentivized with voluntary transaction fees and fixed block rewards which will
halve gradually to zero. In the setting where optional and arbitrary
transaction fee becomes the remaining incentive, Carlsten et al.\ [CCS~2016]
find that an undercutting attack can become the equilibrium strategy for
miners. In undercutting, the attacker deliberately forks an existing chain by
leaving wealthy transactions unclaimed to attract petty complaint miners to its
fork. We observe that two simplifying …
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