Author: jl2012 at xbt.hk 2015-08-04 09:44:54
Published on: 2015-08-04T09:44:54+00:00
The bitcoin-development mailing list has been discussing proposals for scaling the network, and a recent post suggests that it is not scientific or sensible to go straight from proposal stage to voting and implementation. The post argues that the proposals need to undergo testing and scenario simulation with published results in order for objective evaluation to be possible. Additionally, the lack of provision for scaling down in the current proposals is noted, and the potential implications of global credit contraction or natural disaster on usage, scale, decentralization, and security are discussed.The proposed voting system involves several different voter groups, including miners, bitcoin holders, developers, exchanges, merchants and service providers, and full node operators. Each group has different requirements for eligibility to vote, and votes are counted independently. The voting system uses single transferable vote, which requires voters to rank their preference with “1”, “2”, “3”, etc., and the candidate with the fewest votes is eliminated and those votes are transferred according to their second choice until only one candidate is left. Technical issues with the voting system are also discussed, including the need for a trusted person to verify the voters’ identity by email, website, or digital signature. For full nodes, a trusted person is needed to set up a website as an interface to vote, and for bitcoin holders, an automatic system may be needed to collect and count the votes. Finally, the post notes that people are generally not allowed to change their mind after voting, and double voting attempts or multiple identities will invalidate all related votes.
Updated on: 2023-06-10T18:14:22.680439+00:00