nym on Nostr: Composability Treatment of Bitcoin’s Transaction Ledger with Variable Difficulty ...
Composability Treatment of Bitcoin’s Transaction Ledger with Variable Difficulty
https://eprint.iacr.org/2024/1823.pdf
> As the first proof-of-work (PoW) permissionless blockchain, Bitcoin aims at maintaining
a decentralized yet consistent transaction ledger as protocol participants (“miners”) join and leave as
they please. This is achieved by means of a subtle PoW difficulty adjustment mechanism that adapts to
the perceived block generation rate, and important steps have been taken in previous work to provide
a rigorous analysis of the conditions (such as bounds on dynamic participation) that are sufficient for
Bitcoin’s security properties to be ascertained.
originally posted at https://stacker.news/items/766258
https://eprint.iacr.org/2024/1823.pdf
> As the first proof-of-work (PoW) permissionless blockchain, Bitcoin aims at maintaining
a decentralized yet consistent transaction ledger as protocol participants (“miners”) join and leave as
they please. This is achieved by means of a subtle PoW difficulty adjustment mechanism that adapts to
the perceived block generation rate, and important steps have been taken in previous work to provide
a rigorous analysis of the conditions (such as bounds on dynamic participation) that are sufficient for
Bitcoin’s security properties to be ascertained.
originally posted at https://stacker.news/items/766258