Author: Luke-Jr 2011-08-24 17:03:45
Published on: 2011-08-24T17:03:45+00:00
The conversation between Gregory Maxwell and Luke-Jr, dated August 24, 2011, highlights their exchange of ideas about the Bitcoin network. Luke-Jr proposed to replace hard limits with something dynamically adaptive that cannot be gamed, based on difficulty. However, Maxwell believed it was too early for such changes as it could fork the blockchain. Luke-Jr also suggested adjusting the difficulty every block without limits based on a sliding window. But, Maxwell pointed out that a rolling window would allow much more skew compared to the quantized scheme. The idea of replacing the "Satoshi" 64-bit integers with variable-size fractions was discussed, and Maxwell agreed to increasing precision but warned that using more than 64 bits could create a lot of bugs. The suggestion of infinite numerator + denominator was deemed to have weird consequences, such as redundant encodings, and most importantly, factor inflation. To address this problem, Luke-Jr proposed reducing the transaction size by discarding the difference as fees.
Updated on: 2023-05-26T20:28:43.374026+00:00