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Leasing experiment
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Author Topic: Leasing experiment  (Read 1252 times)

coretechs

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Leasing experiment
« on: February 19, 2015, 05:33:42 pm »

The top NXT account (NXT-THLJ-CYAL-JQST-6FNS5) has around 50M NXT.  What would happen if the account owner leased their entire balance to a known account, i.e. one with the passphrase "password" (NXT-CXG3-3YUF-XQ85-HDK5L)?

Their balance would remain safe, and the insecure account would get all of the tx fees.  They would probably be swept right away and possibly cause a race of transactions competing to be the winning sweep tx every time a block was solved.  Also, since anyone could log in with the account and forge, multiple nodes would be forging with the same account and each attempt to broadcast valid blocks and a subsequent sweep tx for the fees before each other.

I'm wondering if this would ultimately have any value or whether it would effectively become an attack on the network.  Thoughts?
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Classical Cat

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Re: Leasing experiment
« Reply #1 on: February 19, 2015, 07:08:52 pm »

How would that be against the interest of the top account given the current distribution of NXT?
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lucky88888

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Re: Leasing experiment
« Reply #2 on: February 19, 2015, 07:15:07 pm »

but would it be a form of attack? would anything bad happen in that scenario?
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Re: Leasing experiment
« Reply #3 on: February 19, 2015, 07:29:31 pm »

It's a variant on PoW, but I don't know enough about the implementation of NXT to see how the network could be attacked from there.
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coretechs

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Re: Leasing experiment
« Reply #4 on: February 19, 2015, 07:38:50 pm »

It's the ability to incentivize transaction spam / race-condition that I'm curious about.  I'm sure the "password" account is automatically swept if any balance is there.  Would it be detrimental to the network if 100 or 10,000 different people were all trying to sweep the account simultaneously multiple times per hour because it was forging with a large leased balance?

I don't assume the large stakeholder would want to do this unless they were being malicious, but in that case they would have nothing to lose but the tx fees they would otherwise collect.
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Re: Leasing experiment
« Reply #5 on: February 19, 2015, 08:22:12 pm »

I understand, I'm a bit less wrong now I guess. But the network will eventually meet tougher challenges.
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forkedchain

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Re: Leasing experiment
« Reply #6 on: February 20, 2015, 04:38:38 pm »

So after the 'password' account forges a block with fees, (say its a block that has 1000NXT in fees) then we would expect to immediately see a flood of transactions sending 999NXT+1NXTfee to different accounts. (or it could be something like 1NXT+999NXTfee)

Whoever forges the next block will be able to choose which of these transactions to confirm, thus which account gets the NXT.  Obviously, the next block forger should then create their own transaction to send themself the 1000NXT, and they will get all 1000NXT, regardless of how they structure the transfer+fee.  If they arent going to participate though, obviously they should include choose the transaction with the highest fees.

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coretechs

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Re: Leasing experiment
« Reply #7 on: February 21, 2015, 04:16:03 pm »

Whoever forges the next block will be able to choose which of these transactions to confirm, thus which account gets the NXT.  Obviously, the next block forger should then create their own transaction to send themself the 1000NXT, and they will get all 1000NXT, regardless of how they structure the transfer+fee.  If they arent going to participate though, obviously they should include choose the transaction with the highest fees.

Interesting, so then most of the time the fee collected by the "password" account will end up going to the subsequent forger.  I suppose that would make it an altruistic behavior for a whale - it fairly distributes collect forging fees to other forgers, i.e. the whale effectively leases the balance to the rest of the forgers.
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forkedchain

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Re: Leasing experiment
« Reply #8 on: February 23, 2015, 03:32:12 pm »

not to mention the fact that tons of people out there simultaneously forging with the same account that generates blocks frequently may have the ability to wreck havoc.
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