Author: Rodney Morris 2015-08-17 11:57:47
Published on: 2015-08-17T11:57:47+00:00
The email discusses a proposed solution to the block size controversy in Bitcoin. The proposed solution suggests calculating the percentage of blocks that are higher than 90% of the maximum block size and doubling the maximum block size if this threshold is exceeded, or halving it if less than 50% of the maximum block size has been used. The reasoning behind this proposal is that it allows for rational derivation of the maximum block size based on transaction volume, while also allowing for decrease in block size as well as increase. Other solutions to the problem include making decentralized economic policy, an elastic block cap with rollover penalties, increasing maximum block size, block size following technological growth, and the Bitcoin Lightning Network for scalable off-chain instant payments. However, there are concerns that miners could sabotage block size increases by mining empty blocks, and that the random distribution of transaction arrival and block times could lead to false signals. The debate also centers around whether blocks should always be full to encourage a fee market and off-chain transactions, or if there should always be spare space in blocks to allow anyone to use the blockchain for any purpose, with off-chain transactions reserved for microtransactions and low-fee transactions.
Updated on: 2023-06-10T20:07:03.051541+00:00