Saving fee markets with second-price auctions

IntelligenceFebruary 6, 2019, 1:47PM EST
UPDATED: March 22, 2022, 3:36PM EDT
Saving fee markets with second-price auctions
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Cryptocurrency transactions require fees. Without them, blockchains would be subject to flooding-based denial-of-service attacks, rendering networks functionally unusable. 

Transaction fees also serve a second purpose — subsidizing miner income. While fees are currently just a small percentage of income for most networks, this revenue stream will become increasingly relevant over time as protocols with disinflationary monetary policies phase out block rewards.  

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