Directed Acyclic Graph(DAG) based Cryptocurrencies are Inherently Insecure

Using Directed Acyclic Graphs to power a Decentralized Cryptocurrency sounds like a wonderful idea. I know I was excited when I first heard of them myself.

Among other things promised are:

  • Fast Transaction Confirmation

  • Everyone essentially mines as an equal

  • Mine using nothing more than a smartphone

  • Incredible Scalability

  • Free Transaction Fees

  • Some even promise energy efficiency

The problem is this is only accomplished if they forget about achieving any semblance of security.

How do DAGs work? How do they back up these promises?

Let's start by ma