--- Log opened Sun Mar 15 00:00:22 2020
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07:31 < bsm117532> Relaying conversation from ##ctv-bip-review:
07:32 < bsm117532> jeremyrubin has proposed using CTV to create coordination-free mining pools: https://utxos.org/uses/miningpools/
07:33 < bsm117532> The idea is that by looking back at old coinbases, you can identify other miners participating in the pool, and commit to pay them (in a deterministic manner) using a CTV output, which is a tree of transactions for other miners.
07:34 < bsm117532> I calculated that using a "lookback window" of one year, you still need a 19% mining pool to get your annual variance below 1%.
07:34 < bsm117532> This pool would smooth variance on timescales less than that.
07:35 < bsm117532> Assuming 100% of miners are participating in this pool, it also creates a tree of transaction outputs stemming from a single CTV UTXO in the coinbase, which is 52560 outputs *per*coinbase*
07:39 < bsm117532> If we saturate all blocks with payouts at about 2000 tx/block, this corresponds to a max lookback window of about 14 days.
07:40 < bsm117532> So long story short, I think his proposal there is impractical.
07:59 < belcher> creative idea though
07:59 < belcher> yes it seems any payout scheme has to somehow involves off-chain tech
09:27 < bsm117532> Yeah it is creative. I like it, but I can't see how to make it work.
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--- Log closed Mon Mar 16 00:00:24 2020