Author: Adam Back 2015-08-23 16:05:51
Published on: 2015-08-23T16:05:51+00:00
Ahmed Zsales proposed a long-term solution to replace mining rewards and transactions fees through BIP 104, which is currently a discussion draft. In response to public and private feedback, the working draft has been updated with specific clarifications on replacing the Coinbase subsidy and supplementing transaction fees, clarifications on block chain overhead, added references to creating global, national, and regional Bitcoin Price Indices, and preferences for deployment dates of January 2017 or January 2018. The long term idealized requirements are that the transaction itself would have cryptographic fungibility, and policy relating to identity for authorization would take place at the payment protocol layer. The payment protocol is already seeing some use. The Lightning protocol sees more of the data going point to point and so not broadcast nor visible for big data analytic monetization. However, there are concerns that the proposal may conflict with fungibility to the point of conflicting with many planned Bitcoin improvements and mid-term technical directions.
Updated on: 2023-06-10T21:02:13.026869+00:00