Author: John T. Winslow 2015-08-01 20:22:20
Published on: 2015-08-01T20:22:20+00:00
The author proposes a dynamic solution for block size increase in Bitcoin, similar to the block reward halving and difficulty regimes that contribute to stability and predictability while allowing for necessary adjustments. The author suggests a predictable dynamic function that would preserve transaction capacity scarcity while allowing for more transactions when needed. The proposed model involves taking the six-month average non-zero transaction fee block size and multiplying it by 1.5 once every month at month-end. The excess capacity would be around 33% with the number of transactions increasing then plateauing or in a declining then plateauing market. The author suggests using statistical analysis to arrive at a statistically-inferred excess capacity linked to the probability of transaction volume exceeding the new cap in any forward monthly interval. In a related email, Eric Lombrozo expresses doubts about safely increasing the block size given what is presently known about the Bitcoin network. Fixing known issues that complicate larger blocks has not been prioritized, and other things like specifying the use of X.509 overlay protocols and adding complex filtering mechanisms to the p2p protocol have taken precedence. Thomas Zander argues that blocking attempts to increase block size shows conflicting priorities rather than different priorities.
Updated on: 2023-06-10T04:07:21.035625+00:00