This is is a very cool result imo: a simple miner strategy that is an equilibrium (no profitable individual deviation, unlike follow the longest chain and the deviations shown in the selfish mining lit)
New paper (with Minghao Pan and Omer Tamuz)🚨
Bitcoin functions without a central intermediary, but the decentralized consensus among miners is vulnerable to profitable deviations.
We show how Bitcoin’s intended decentralized consensus can be sustained in equilibrium, without redesigning the chain.🧵