Definition: Claiming COMB involves the process by which a miner or claimant inserts a valid, previously unseen P2WSH (Pay to Witness Script Hash) output in a Bitcoin block and earns Haircomb (COMB) tokens as a reward. These rewards are distributed through the "Combbase" mechanism, a unique integration with the Bitcoin blockchain.
Purpose: Claiming COMB plays a crucial role in incentivizing early adopters and miners to participate in the Haircomb ecosystem. By claiming rewards from the Bitcoin blockchain, participants contribute to the growth and security of the network while earning COMB tokens. This process also ensures that Haircomb tokens are only issued when Bitcoin mining activities occur, leveraging Bitcoin's established security model.
Claiming Process
Step-by-Step Guide:
1) Generate a Comb Address: Obtain a valid Haircomb (COMB) address by hashing your public key and combining it with the Haircomb whitepaper hash. This process ensures the anonymity of the claim.
2) Monitor Bitcoin Blocks: Use appropriate software to monitor current Bitcoin mempool fees and check for other P2WSH outputs who might outbid you. Monitoring the fees is critical, as only the first unseen P2WSH output in a block qualifies for a reward. Miners generally sort transactions by fees per weight unit.
3) Submit Claim: Once a fee level is identified, submit your claim by broadcasting the necessary transaction on the Bitcoin blockchain. The claim will reference your Haircomb address, enabling you to receive the corresponding COMB tokens.
4) Receive Reward: If your claim is valid (i.e., it is the first previously unseen P2WSH output in that Bitcoin block), you will receive the associated COMB reward based on the current block height and reward formula.
Requirements:
Software: Specialized fee monitoring software capable of detecting other P2WSH outputs in Bitcoin mempool.
Account Setup: A Haircomb address and public/private key pair for signing and verifying claims.
Hardware: A computer or server to monitor Bitcoin blocks in real-time and a wallet to submit claims.
Verification: The Haircomb system verifies claims by checking the uniqueness of the P2WSH output within the Bitcoin block. If the output is previously unseen and the submission meets all protocol requirements, the reward is distributed to the claimant’s Haircomb address.
Tools and Resources
Software:
Haircomb transaction tool for monitoring P2WSH fee level such as the tool on top of the Chart page in the haircomb wallet.
Custom scripts or interfaces to facilitate real-time block monitoring and claim submission.
Resources:
Haircomb Documentation: Official documentation providing further technical details on the claim process.
Tutorials: Step-by-step tutorials on setting up software and making a claim.
Examples
Example Claim:
Step 1: You generate a Haircomb address from a public key "X" and whitepaper hash.
Step 2: Using monitoring software, you detect that a the fee level is 1.253 sats Fee per WU / 5.003 sats Fee per vbyte.
Step 3: You submit your claim with a higher fee, linking your Haircomb address to this output.
Result: Provided that nobody outbids you, you receive a reward of 1.51285727 COMB (based on the block height 860443).
Mining Incentives
Overview
Purpose: Mining incentives are designed to encourage participation in the Haircomb network by rewarding miners who include valid, previously unseen P2WSH outputs in Bitcoin blocks. These incentives ensure that the Haircomb ecosystem remains secure, decentralized, and active by aligning the interests of miners with the network’s longevity.
Types of Incentives:
Combbase Rewards: Miners receive a set amount of COMB tokens for each valid claim.
Transaction Fees: Miners can receive bitcoin transaction fees from Haircomb token transfers or contract decisions.
Incentive Structure
Reward Mechanism:
Combbase Reward Formula:
The reward is calculated as follows: MAX(2.1 - FLOOR((LOG(h)/LOG(2))^6) / 100000000, 0) COMB, where h is the Bitcoin block height.
Rewards gradually decrease at a sub-exponential rate, ensuring longevity of token issuance over several centuries.
Adjustments:
Rewards decrease as the block height increases, following the formula mentioned above. This slow decay mechanism prevents a rapid drop in incentives and encourages long-term participation in the network.
Economic Impact
Network Security: Mining incentives contribute to Haircomb’s security by ensuring a steady rate of participation from miners. By relying on Bitcoin’s mining infrastructure, Haircomb benefits from the computational power of the most secure blockchain network, while also rewarding miners for their participation.
Miner Motivation: The slow reward decay and potential for transaction fees ensure that miners remain incentivized to continue processing Haircomb claims well into the future, promoting network health and stability.
Examples
Incentive Example:
A miner successfully inserts an unseen P2WSH output in the coinbase of Bitcoin block #860444. According to the reward formula, they receive 1.51285697 COMB tokens for their successful claim.
Scenario Analysis:
If Bitcoin block rewards decrease as more blocks are mined, the relative value of the Haircomb rewards will increase, incentivizing continued participation even if Bitcoin mining profitability drops.
Further Reading
Technical Papers:
Haircomb Whitepaper: The original whitepaper outlining the concepts behind Haircomb and its mining processes.
Documentation:
Haircomb Official Docs: Detailed technical documentation on how Haircomb integrates with Bitcoin and the claim process.
References
Citations:
Haircomb Whitepaper, BitcoinTalk forum discussions.