Author: Eric Lombrozo 2015-08-18 20:51:38
Published on: 2015-08-18T20:51:38+00:00
The discussion in this context is about deploying experimental code onto the "live" bitcoin blockchain and its associated risks. The proposal presented suggests deploying a block size limit experiment for long term trials using testnet instead. The objectives of this proposal are to show that consensus for a Bitcoin hardfork is possible, collect data for future hardforks with a slight increase in block size, and relieve pressure on full blocks without adverse effects on network performance. The proposal includes parameters such as a hardfork date of June 1, 2016, adoption of a backup plan if no other consensus is reached before February 1, 2016, and an increase in block size to 1.5MB after 80% miner approval. The rationale behind these decisions is based on giving everyone enough time to prepare for a hardfork, allowing for negotiations and exploration of better solutions, ensuring full nodes have enough time to upgrade, and compromising on the amount of mining power needed to secure the new fork. If the community agrees with this experimental hardfork, the plan will be announced on bitcoin.org, and coding of the patch will begin immediately.
Updated on: 2023-06-10T20:20:25.375091+00:00