Author: Will 2015-08-07 00:37:16
Published on: 2015-08-07T00:37:16+00:00
The proposed solution to the debate over block size in Bitcoin is to increase it by 8MB and 40% annually, with the option for miners to cap their blocks at a lower amount if necessary. This proposal is based on an extrapolation of past trends and aims to maintain comity and humility by acknowledging the inability to predict future trends accurately. If the proposed growth rate turns out to be too fast or slow, adjustments can be made later. Miners benefit from higher bitcoin prices and will limit excessive growth of blk*.dat size to avoid centralization and capture by powerful interests. The scheme is predicated on the price going higher over the extended term. Full nodes do not need to be used for propagation, and anyone can vote by coding. The proposal is seen as a reasonable compromise that can be adjusted if necessary down the road.
Updated on: 2023-06-10T18:13:56.293452+00:00