1.0Saitohttps://saito.techDavid Lancashirehttps://saito.tech/author/david/rich600338<blockquote class="wp-embedded-content" data-secret="J3KkXFneiT"><a href="https://saito.tech/the-economic-limits-of-permissionless-consensus/">The Economic Limits of Permissionless Consensus</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://saito.tech/the-economic-limits-of-permissionless-consensus/embed/#?secret=J3KkXFneiT" width="600" height="338" title="“The Economic Limits of Permissionless Consensus” — Saito" data-secret="J3KkXFneiT" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript"> /* <![CDATA[ */ /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); /* ]]> */ </script> https://saito.tech/wp-content/uploads/2024/05/Screenshot-2567-05-23-at-16.21.48-1024x449.png1024449A recent paper on The Economic Limits of Permissionless Consensus (2024) by Eric Budish, Andrew Lewis-Pye and Tim Roughgarden makes incorrect claims about cost-of-attack limits in permissionless consensus mechanisms. This post assumes readers understand how routing work (10 minute read) functions. It explains how this approach imposes asymmetrical losses on attackers who control at least 50% of network resources, achieving the “economically-expensive in the absence of collapse” (EAAC) property the above authors incorrectly claim is theoretically unattainable. Cost-of-Attack comes from ATR Payout Consider the case of two block producers who each control 50% of network resources. As required by routing […]