Author: Daniele Pinna 2015-08-21 21:35:18
Published on: 2015-08-21T21:35:18+00:00
The analysis of fee markets in the absence of blocksize limits shows that the hashrate advantage of a large miner is a side-effect of coinbase subsidization. As the block rewards get smaller, so will large miner advantages. Currently, the main critique of larger blocksizes is that connected miners can cut out smaller miners by gratuitously filling up blocks with self-paying transactions. Large miners will still be forced to move full blocks, but it will go against their interest to fill them with spam since their main source of income is the fees themselves. In this context, large blocksizes as proposed by BIP100-101 hope to stimulate the increase of TX fees by augmenting the network's capacity. The sooner block rewards become comparable to block fees, the sooner we will get rid of mine centralization.
Updated on: 2023-06-10T20:52:43.023227+00:00