Author: Pieter Wuille 2015-08-01 20:45:24
Published on: 2015-08-01T20:45:24+00:00
The email thread discusses Pieter Wuille's proposal for a block size limit increase in Bitcoin. The proposal suggests using BIP34 style voting with support of 750 out of the last 1000 blocks, to initiate the process. The starting date for the increase is proposed to be 30 days after 75% miner support but not before January 12th, 2016. The block size at the starting date will be 1,414,213 bytes and multiplied by 1.414213 by every 2^23 seconds (97 days) until exactly 8MB is reached on May 11th, 2017. After reaching 8MB, the block size will be increased by 6.714% every 97 days and stop growth at 4096MB on November 17th, 2042. The proposal aims to create an uncontroversial expectation of growth with technology. The growth rate is based on global bandwidth accessibility, which is expected to grow by 37% per year until 2021, making 27.67% safe for at least the next ten years.
Updated on: 2023-05-19T21:10:17.578829+00:00