Author: Chris Riley 2017-12-18 12:09:34
Published on: 2017-12-18T12:09:34+00:00
The discussion in the context revolves around two problems related to Bitcoin - scalability with fixed block size and ensuring all valid transactions are eventually included in the blockchain. The proposal suggests using a probability-based distribution for variable block sizes to solve these issues, but there is debate about its feasibility. Some argue that miners may not follow the proposed system due to their own interests, while others suggest that keeping track of waiting times for transactions in the node's pool can help verify adherence to the proposal.Additionally, there is concern about the auction model for limited transaction bandwidth and the need for operational reliability to ensure consumer confidence in Bitcoin as a payment system. The proposal suggests using transaction priority for ordering transactions in blocks, but further development and feedback are needed to make it a full BIP. Overall, resolution of these issues is necessary for the safety, reliability, and value of Bitcoin.Damian Williamson has proposed a solution to the issue of transaction fees in Bitcoin. The problem is that the fees are artificially inflated due to bandwidth limitations, but do not provide full confirmation for all transactions. Williamson suggests that each transaction should have an individual transaction priority based on the fee paid and time waiting in the transaction pool. This priority would determine the likelihood of a transaction being included in the current block and the order in which transactions are tried.A target block size would also be determined based on the current transaction pool size and broadcast with the current block when solved. The operation of the priority system would use probability to determine the likelihood of a transaction being included in the block. Williamson acknowledges that a mathematician with experience in probability may need to develop the formulae for the curves used in the priority system.The pros of this solution include maximizing transaction reliability, scalability, and total fees paid per block without reducing reliability. However, it could initially lower total transaction fees per block and must be programmed first. Williamson implores that some method be used to validate full transaction reliability and enable scalability of block sizes. While his proposal may not be the best solution, he suggests that an alternative be found.Verification of blocks conforming to the proposal could be done by showing that the probability for all transactions included statistically conforms to a probability distribution curve.
Updated on: 2023-06-12T22:41:01.512966+00:00