TIM Security Patch Limits COIN Supply under 5 Million /Year
TIM - Multigraph Dynamically Sharded Blockchain(100 to 100 Million TPS ) - tim-coin/timgithub.com
We recently announced the new security patch of TIM network. The start of beta testing from 15 September has yielded results that helped us in fixing many technical, economical and decentrality problems. One of the major highlights of these fixes is the TIP-01 patch which requires burning of 50% mining fees. We also fixed many bugs in memory leaks, time and lock races as well as multi-signature verification for superblocks. The work on mainnet is at good pace.
TIP(TIM Improvement Proposal) 01 is first public proposal from a discussion with a research group about various attack vectors of which one has been converted to a formal proposal with solution. The change in consensus mechanism allows for burning 50% of mining fees in every transaction. This limits sybil driven “Nothing at Stake” type attacks. In this attack a miner would have generated self-addressed transactions to make bigger micro-blocks and thus superblocks to earn all the mining fees as well as mining rewards. This could have limited the network usage of any good transactions as honest transactions would have waited for a longer time and eventually may not succeed, resulting in chaotic sharding.
Solution & Fix
Based on Nasi Equilibrium based reasoning and proving the scenario by induction, We have decided to burn 50% of mining fee so that “sybils” start losing assets and will have economic toll of attacks.
The fix will be released in 2 weeks for re-run of beta testnet.
Impact on Network
This change will reduce the coin supply upto or below 5 Million in 10 years when majority of TGE(pre-mined) coins will get exhausted.
This also creates a stability on inflation of coins because of constant benefit in spending or selling coins. And the HOLDers will benefit the most from heightened demand.
Challenges and Concerns
One of the concerns is that reduced coin supply in steady state may lead to barrier of entry for businesses. But that may be controlled through market effect. It means that a business which can become more efficient or valuable by TIM blockchain will weigh in their options based on overall balance sheet and budget and not just token prices.
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Community Site: www.talking.im
Network Site: www.timnetwork.io