Author: Damian Williamson 2017-12-07 21:01:43
Published on: 2017-12-07T21:01:43+00:00
The proposal argues that the current transaction bandwidth limit is causing issues for the operation, reliability, safety, consumer acceptance, uptake and value of Bitcoin. Transactions with lower fees are being pushed down by those with higher fees which means that a large number of valid transactions never confirm. This makes Bitcoin an unreliable payment system, which will reduce consumer confidence and ultimately kill the value of Bitcoin. The proposal suggests using transaction priority to order transactions in blocks instead of the current auction model, meaning each transaction would have an individual priority based on the fee paid and time waiting in the transaction pool. The target block size would be determined based on the number of transactions in the pool, and the probability of each transaction being included in the block would be based on its priority. The proposal aims to provide full transaction confirmation for every valid transaction, maximize transaction reliability, and increase the possibility for consumer and business uptake. However, some cons include the need to program it and the possibility of lowering total transaction fees per block initially.
Updated on: 2023-06-12T22:45:01.790156+00:00