Author: Jim Renkel 2017-12-06 05:18:11
Published on: 2017-12-06T05:18:11+00:00
A proposal named UTWFOTIB (Use Transaction Weight For Ordering Transactions In Blocks) was put forward on the bitcoin-dev mailing list by Damian Williamson. The proposal aims to address the issue of transaction bandwidth limit, which is a limiting factor for both miners and consumers. It suggests assigning each transaction a transaction weight based on the fee paid (on a curve) and the time waiting in the transaction pool (also on a curve) out to n days (n=30 ? ); the transaction weight serving as the likelihood of a transaction being included in the current block, and then using a target block size. This way, it maximizes transaction reliability, total fees paid per block, and provides additional block entropy and greater security since there is less probability of predicting the next block. However, it must first be programmed and the curves used for the weight of transactions would have to be appropriate. The protocol would determine the target block size and begin selecting transactions to include in the current block using transaction weight as the likelihood of inclusion until target block size is met. While there are no significant cons mentioned, the proposal raises questions about enforcement and implementation. The transactions to be included in a block are entirely up to the miner of that block, so what prevents a miner from implementing the proposal on their own and what forces a miner to follow it if this is adopted as some kind of "policy"?
Updated on: 2023-06-12T22:34:58.907303+00:00