One of a elemental assumptions of blockchains, either open or private, is that 51% of actors, generally miners, are honest. Logically, a some-more actors there are, a some-more a arrogance stands. However, countless bitcoin developers, including Gregory Maxwell, Peter Todd, Luke-Jr and others, have settled that bitcoin mining is centralized in dual or 3 individuals.
The invention of ASICs, in multiple with economies of scale (although some investigate suggests after a certain indicate – around 25% – it becomes some-more careful to have reduction hashing power) has led to hulk mining farms in remote areas of China where electricity is cheap, creation Bitcoin mining rarely profitable. It is, however, most some-more essential to be rewarded for mining, by blocks or fees, rather than maliciously conflict a network, though a choice is there and contribution can change.
A new paper [PDF] from university researchers formed in Shanghai and Virginia claims to have a resolution that secures a network even if 51% of miners are malicious. The rarely technical paper, fluctuating some-more than 30 pages, opens by stating:
“On tip of Bitcoin’s