Justin Drake, a researcher at Ethereum Foundation, has raised alarms on long -term security of BTC (Bitcoin).
In a detailed post on May 29, DRAKE argued that the Bitcoin network could be more and more vulnerable to 51% attacks in Bitcoin Network, which is a scenario where a single entity gets a lot of control over the computing ability of the blockchain.
Reduction of bitcoin fees
According to Drake, Bitcoin’s commission structure has not evolved with half a schedule.
He pointed out that the recent half of the three events have reduced block compensation over the past eight years, but the transaction fee has not increased enough to offset the fall.
According to him, only 1%of the current miner revenue falls from the previous level and donates near the 13 -year minimum of about 6.5 BTC a day.
Considering this, Drake said:
“Bitcoin’s security model has been destroyed. If Bitcoin is acquired, Nakjin can take the entire encryption ecosystem. Systematic risks cannot be ignored.”
Drake also challenged a long assumption that the fee would naturally increase and eventually replace block rewards.
On the contrary, he insisted that fees are decreasing, and if the miner needs to rely on fees, profits can drop 100 times. This reduces Bitcoin’s hash power to 1%of its current strength.
According to Drake:
“This is the trajectory. The 21m cap breaks security and is self -destructive. Now Satoshi has created OOOPSIE.”
Price rising can not save Bitcoin
Drake dismissed the idea that bitcoin prices could solve the problem.
He explained the scenario that Bitcoin spent a million dollars per coin, but only 10%of today’s security costs were not changed.
He was noted:
“Today’s Bitcoin has been secured at 20GW, which is equivalent to a 10m space heater. Reducing 90%of the miner revenue will reduce 2GW security -1m space heater. In the case of context, it produces 80GW in Texas alone. There is no way to secure $ 20T assets in 2GW.”
Even though Bitcoin recorded $ 10 million per coin, DRAKE claimed that 51%of the cost of attack remained less than the market cap.
He estimated that it would take $ 20 billion to build a 20GW hasings infrastructure.
Solution?
Drake concluded that Bitcoin’s current work proof model could not be executed in the long run without structural coordination.
So he proposed some solutions, including modifications or tails in commission markets. The latter will lift Bitcoin’s 22 million coin supply cap to maintain continuous miner incentives.
He also suggested that Ethereum moved to the POS (Proof-of Stake), a system that Ethereum had already used to protect the network.
Nevertheless, Drake admitted that his ideas faced serious resistance within the cultural and ideological framework of Bitcoin.
Meanwhile, he stressed that some members of the community proposed an ambiguous proposal that BTC could adopt proof of proof through a mining full consortium. But he pointed out that there is little details about it.
Considering this, Drake concluded:
“Bitcoin should be a firefighting agent. But the elephant in the room is not solved. We can bury us in the sand in the sand. But the basics are getting bigger.”