Author: Damian Williamson 2017-12-15 09:42:42
Published on: 2017-12-15T09:42:42+00:00
Damian Williamson has proposed a BIP (Bitcoin Improvement Proposal) to address the limitations and inconsistencies with Bitcoin's current transaction bandwidth. He argues that transaction reliability and scalability are key factors for the success and uptake of Bitcoin as a payment system. His proposal suggests providing each transaction with an individual transaction priority to determine the likelihood of inclusion in a block, based on a curve of fees paid and time waiting in the transaction pool. The target block size would be determined by the number of transactions to be included in the block, and broadcast with the current block when solved. The proposal aims to maximize transaction reliability, scalability, and total fees paid per block without reducing reliability. However, it may initially lower total transaction fees per block and requires programming. Williamson implores the Bitcoin community to validate full transaction reliability and scalability through this proposal or an alternative solution.
Updated on: 2023-06-12T22:52:22.349899+00:00