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Exploring the Coinbase
In the last episode of Bitcoin Suisse Decrypt, we introduced the blockchain trilemma, which describes the trade-offs between security, decentralization, and scalability. Of the three, blockchain security is unarguably essential for a network which captures hundreds of billions of dollars in value. As such, the incentives to participate in the network and to help secure it need to be game-theoretically sound. The underlying blockchain protocol must ensure that rational actors benefit more from honest behavior than from operating maliciously. Hence, a potential monetary gain e.g. from doublespending coins should never ... (full story)
