Author: Damian Williamson 2017-12-15 20:59:51
Published on: 2017-12-15T20:59:51+00:00
A new proposal has been put forth to address two separate issues with Bitcoin: how it scales with fixed block size and how to ensure that all valid transactions are eventually included in the blockchain. The proposal suggests resolving these issues together by implementing a system for variable block sizes that uses transaction priority based on fee paid and time waiting in the transaction pool out to a certain number of days. The proposal argues that this would provide a fully scalable and reliable service, providing full transaction confirmation for every valid transaction. However, some critics argue that the proposal is fundamentally flawed due to issues such as differences in each node's mempool and incentive compatibility for miners. Despite this criticism, the proposal emphasizes the need to resolve the issue of limited transaction bandwidth in order to provide operational reliability and consumer confidence in Bitcoin.The proposal involves assigning a transaction priority to each transaction in the pool, based on factors such as fee and waiting time, and then selecting transactions to include in the current block using probability in transaction priority order until the target block size is met. This would lead to better market-based determination of fees paid for transaction priority, and provide additional block entropy leading to greater security. However, it may initially lower total transaction fees per block and require programming. It is suggested that some method be used to validate full transaction reliability and enable scalability of block sizes.
Updated on: 2023-06-12T22:51:13.286515+00:00