Subject: Re: [bitcoin-dev] Pseudocode for robust tail emission

From: [email-masked]
Date: Tue, 27 Dec 2022 16:34:07 +0100

It seems like the more elegant solution could be by using a chainwork parameter instead.
i.e. comparison just before halving - if the last 210,000 block interval has a higher chainwork difference between the begining and the end of interval
than any other such inter-halving interval before.

LIttle digression yet:
A system in which all users participate in ensuring its security looks better than one in which only some (i.e. active) of them participate (and passive stakeholders are de facto free riders)
In my opinion this concept above is only the complement of currently missing mechanism: achieving equilibrium regarding costs of security between two parties with opposing interests.
It's easy to understand and - most important - it has no hardcoded value of tail emission - what is the clear proof it is based on a free market.
And last but not least, if someone is 100% sure that income from transactions will takeover security support from block subsidy - accepting such proposal is like putting the money where the mouth is: this safety measure will never be triggered, then (no risk of fork)

Best Regards
Jaroslaw

W dniu 2022-12-23 20:29:20 użytkownik Jaroslaw via bitcoin-dev <[email-masked]> napisał:
Necessary or not - it doesn't hurt to plan the robust model, just in case. The proposal is:

Let every 210,000 the code calculate the average difficulty of 100 last retargets (100 fit well in 210,000 / 2016 = 104.166)
and compare with the maximum of all such values calculated before, every 210,000 blocks:

if average_diff_of_last_100_retargets > maximum_of_all_previous_average_diffs
	do halving
else
	do nothing

This way:

1. system cannot be played
2. only in case of destructive halving: system waits for the recovery of network security

Best Regards
Jaroslaw
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