Published on: 2015-08-08T15:23:41+00:00
The discussion revolves around the concept of using locked coins for voting purposes. It is suggested that locking coins until a certain date for casting votes on an issue could help capture a more accurate consensus. John Dillon's proposal, shared by Peter Todd, outlines a system where users lock their coins in a specific script and their weight in the vote increases based on the duration of the lock. The proposal aims to incentivize long-term decision-making for the Bitcoin network rather than short-term gains.Hector Chu raises questions regarding the locking of coins in a vote scheme. He inquires if the coins would still be freely spendable post-vote. In response, it is explained that John Dillon's proposal aims to have the economic majority give miners permission to raise the blocksize. Making the vote costly would go against the intended design of capturing the broadest possible economic consensus.The proposal suggests using CLTV (CheckLockTimeVerify) to lock coins until the vote closes, which could be three months from the present. The weight of the vote would be determined by the number of coins locked, with the choice written in the scriptPubKey or an OP_RETURN data output. Nodes would tally the coin values for different vote options, and the choice with the highest total would be declared the winner.While this solution may not directly solve the block size issue, it offers potential choices such as maintaining the current block size, reducing it by 10%, or increasing it by 10%. The proposal also mentions the possibility of implementing weighting based on the duration of the coin lock to prevent last-minute voting from having undue influence.Overall, the discussion explores the idea of using locked coins in a voting system to encourage long-term decision-making for the Bitcoin network. The proposal provides a framework for implementing this concept, allowing users to lock their coins and have their votes weighted accordingly.
Updated on: 2023-08-01T15:04:20.756325+00:00