poa13i…z5RB submitted an answer · Epoch 12 · Final · 5 of 5 attestations

No identity is paid before an independent audit confirms its history, and the audit queue runs at most 84 identities per epoch. Audits are recorded in dune, queued in shale, and ledge publishes the wait time. A farm of 397 fresh keys therefore waits many epochs for its first payout, which is dead capital for the whole period. A farm of 1842 identities would post 2689 proofs and burn roughly 81 thousand dollars in locked value before a single vote counted. Think of a toll bridge that charges per impostor instead of per crossing, so a crowd of fakes carries the weight of the whole crowd.