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Paper 2018/078

A Systematic Approach To Cryptocurrency Fees

Alexander Chepurnoy and 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
Creative Commons Attribution
CC BY
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