Author: Adam Back 2015-08-05 09:57:54
Published on: 2015-08-05T09:57:54+00:00
In a Bitcoin development discussion, Hector Chu proposed that miners should be able to vary the block size to maximize their profits. However, this idea has been previously discussed and has some flaws. To address this issue, Greg Maxwell and Mark Friedenbach suggested the flexcap idea which can achieve similar effects without giving miners complete control. Giving miners control over block sizes could lead to cartelization, selfish mining, and other security issues. Economically dependent full nodes hold miners accountable, so any changes in influence must be carefully considered. Furthermore, proposals must adhere to different levels of security, ranging from consensus rules to meta incentives.
Updated on: 2023-06-10T18:09:52.755887+00:00