Author: Damian Williamson 2017-12-02 03:55:22
Published on: 2017-12-02T03:55:22+00:00
A proposal to maximize total transaction fees and hash power has been presented in the Bitcoin-dev mailing list. The proposal involves using a marginal pricing system with no block size limit. The idea is that each transaction will have a transaction weight, which is a function of the fee paid and the time waiting in the pool out to n days. The transaction weight serves as the likelihood of a transaction being included in the current block, and then an uncapped block size is used. The higher the fee, the more likely a transaction will be included. This dynamic block size limit is regulated by profit motive, and all fees are fair. The proposal aims to reduce pending transaction time, individual transaction fees, and increase total transaction fees while allowing non-urgent transactions to pay lower fees. The proposal also addresses the challenges faced by validators agreeing on maximum block size and miners cheating by including extra transactions.
Updated on: 2023-06-12T22:23:18.349767+00:00