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Cap the Gap: Solving the Egoistic Dilemma Under the Transaction Fee-Incentivized Bitcoin
- Published
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Summary
Researchers study Bitcoin's shift from block subsidies to transaction fees as the main mining incentive. They show that low user fees cause a mining gap, a period when miners switch off rigs, which weakens security and traps the system in an egoistic dilemma. The paper derives a strategic complementarity property among users and miners and designs an incentive mechanism based on zero-determinant theory to resolve it, with theoretical analysis and numerical simulations supporting its effectiveness.
Mitigation
The paper proposes an incentive mechanism leveraging the zero-determinant theory to cap the mining gap and solve the egoistic dilemma.