Ben Carman

Currently, there are many blockchains with miniscule amounts of hash power compared with Bitcoin’s, and yet, they rarely see attacks. I believe that this is because of external factors that prevent miners from taking advantage of this potential revenue stream. Discreet Log Contracts (DLCs) are a method to mitigate these external factors so that miners have the ability to attack minority blockchains.

The Problem

If one wanted to attack a minority blockchain (e.g., BSV), the current best way would be to steal bitcoin from an exchange. This could be done by depositing some BSV into an exchange, selling it for bitcoin, withdrawing said bitcoin, and then executing a 51% attack such that the original BSV deposit never happened. At the end of this, the attacker has received Bitcoin without having to spend any BSV.

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