Author: Damian Williamson 2017-12-06 09:27:30
Published on: 2017-12-06T09:27:30+00:00
Damian Williamson has proposed a new BIP (Bitcoin Improvement Proposal) called UTWFOTIB, which stands for Use Transaction Weight for Ordering Transactions in Blocks. The proposal aims to maximize transaction reliability and total fees paid per block without reducing reliability. It suggests providing each transaction with a transaction weight, which is a function of the fee paid and the time waiting in the transaction pool. The transaction weight will serve as the likelihood of a transaction being included in the current block. The target block size will be determined by the protocol using the current transaction pool size and the number of days, while enforcement will prevent high or low blocksize cheating. Williamson's proposal has some limitations. The primary problem is that the transaction pool is not part of consensus currently and putting it into consensus is effectively lifting the block size to include the entire transaction pool into each block. Also, future full nodes cannot find the contents of the transaction pool at the time blocks were made and cannot verify the correctness of historical blocks. Another issue is that full nodes using -blocksonly mode have no transaction pool and cannot verify incoming blocks for these new rules. Moreover, the term "weight" has already been used in Bitcoin's SegWit weight equation, measured in virtual units called "sipa." Williamson reuses the term "weight" for something different than its current use, which can cause confusion. If adopted, the proposal will directly make the operation of transaction priority a part of the operational standard, even without verification that it is being followed. The benefit of the proposal, not directly stated, is variable sized blocks (uncapped block size).
Updated on: 2023-06-12T22:34:42.628445+00:00