Author: Daniele Pinna 2015-08-30 11:49:05
Published on: 2015-08-30T11:49:05+00:00
In an email discussion, Tom Harding points out to Daniele Pinna that the optimal way of choosing transactions to be included in a block is a knapsack problem which is NP-complete and simple fee-density prioritization is not necessarily optimal. He refers to Peter R's analysis of fee markets in the absence of blocksize limits, which 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. 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 mine centralization can be eliminated.
Updated on: 2023-06-10T21:06:46.261503+00:00