Author: Upal Chakraborty 2015-08-25 09:07:19
Published on: 2015-08-25T09:07:19+00:00
The proposed BIP by Upal Chakraborty suggests replacing the fixed one megabyte maximum block size with a dynamically controlled maximum block size that can increase or decrease based on various network factors. The proposal includes two options, one that depends solely on the previous block size calculation and the other that also takes into account the previous transaction fee collected by miners. The motivation behind this proposal is to accommodate the growing transaction volume on the bitcoin network and prevent choking up of bitcoin's growth. The specification for each proposal is explained in detail, including the conditions under which the maximum block size may be doubled or halved. The proposal aims to provide a flexible solution to accommodate changing network demand. The author highlights the importance of addressing this issue to ensure the continued growth and adoption of bitcoin.
Updated on: 2023-06-10T21:04:02.912556+00:00