Paper 2018/078 Original: eprint.iacr.org/2018/078 ↗
A Systematic Approach To Cryptocurrency Fees
Abstract
This paper is devoted to the study of transaction fees in massively replicated open blockchain systems. In such systems, like Bitcoin, a snapshot of current state required for the validation of transactions is being held in the memory, which eventually becomes a scarce resource. Uncontrolled state growth can lead to security issues. We propose a modification of a transaction fee scheme based on how much additional space will be needed for the objects created as a result of transaction processing and for how long will they live in the state. We also work out the way to combine fees charged for different resources spent (bandwidth, random-access state memory, processor cycles) in a composite fee and demonstrate consistency of the approach by analyzing the statistics from Ethereum network. We show a possible implementation for state-related fee in a form of regular payments to miners.
Metadata
- Available format(s)
PDF- Category
- Applications
- Publication info
- Preprint.
- History
- 2018-01-18: last updated
- 2018-01-18: published
- Short URL
- https://ia.cr/2018/078
- License
- https://creativecommons.org/licenses/by/4.0/
BibTeX
@misc{cryptoeprint:2018/078,
author = {Alexander Chepurnoy and Vasily Kharin and Dmitry Meshkov},
title = {A Systematic Approach To Cryptocurrency Fees},
howpublished = {Cryptology {ePrint} Archive, Paper 2018/078},
year = {2018},
url = {https://eprint.iacr.org/2018/078}
}