An Overview of Security, Spam, Scaling and Fee Markets in Monero and Bitcoin Like Cryptocurrencies
2023-06-23, 15:30–16:30 (Europe/Prague), Studio 1 (La Fabrika)

We will provide a comprehensive overview of Security, Spam, Scaling in Monero including: security and the critical role played by the fixed block reward (tail emission), the block weight penalty, the long term median, the short term median, the dynamic penalty free zone, the multiple fee markets created by the medians, the impact of privacy and fungibility on spam mitigation, spam mitigation and transaction pricing, scaling, the percentage of the total block reward consisting of transaction fees (fee in reward), and the implied (theoretical) orphan block penalty. We will consider possible future parameter optimizations to further harden Monero against spam, while optimizing scaling, and a possible ultra long term (1,000,000 block) sanity median. Monero because of its privacy and fungibility does not permit the use of censorship as an anti spam tool. This means that the security, spam, and scaling tools in Monero could in principle be applied to Bitcoin like coin such as Dogecoin, which also has a tail emission. The Monero fee markets can be very instructive in understanding the challenges faced by Bitcoin and other falling block reward coins. We will discuss these challenges including: the security deficit, fee markets, spam, 51% attacks, what miner voting on the gas limit in Ethereum tells us, and other possible future scenarios.

Based in Canada, Francisco holds a Ph.D. in Physics and has extensive business and non-profit experience. He has actively researched and invested in cryptocurrencies, since 2011, and focuses on the economic, social, regulatory and long-term economic viability aspects of cryptocurrencies. Francisco has been a Core Team Member of the Monero Project since 2016.

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