Paper 2018/078
A Systematic Approach To Cryptocurrency Fees
Alexander Chepurnoy, Vasily Kharin, and Dmitry Meshkov
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
- Published elsewhere. Minor revision. Bitcoin Workshop associated w. FC'18
- Keywords
- cryptocurrencybitcoinblockchainethereum
- Contact author(s)
- alex chepurnoy @ iohk io
- History
- 2018-01-18: received
- Short URL
- https://ia.cr/2018/078
- License
-
CC BY
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}
}
