Author: Wes Green 2015-08-06 23:52:32
Published on: 2015-08-06T23:52:32+00:00
Bitcoin's "block size issue" could be resolved using game theory rather than projected percentage growth of bandwidth speeds, time limits, and magic numbers. A proposal suggests allowing any miner to double the block size at any given time but penalizing them with whatever percentage increase they make over the previous limit taken from both the normal reward and fees. Miners would only have an incentive to raise the limit when there is organic growth in the network and spam attacks would have to be dealt with as it is currently. The penalty would encourage slow growth while preserving return on equity. This system would encourage block size growth due to organic growth. The miners would also have an eye on blockchain size and wouldn't want it getting too big too fast. In addition, the proposal would force miners to hold the whole blockchain, adding to the gamification.
Updated on: 2023-06-10T18:22:54.920289+00:00