Author: Damian Williamson 2017-12-19 07:48:37
Published on: 2017-12-19T07:48:37+00:00
Bitcoin developer Damian Williamson proposed a solution to address two issues in the Bitcoin network - how it scales with fixed block size and ensuring all valid transactions are eventually included in the blockchain. His proposal suggested assigning each transaction with an individual transaction priority based on a function of the fee paid and time waiting in the transaction pool. The priority would determine the likelihood of a transaction being included in the current block and the order in which transactions are tried.Williamson's proposal was met with criticism and feedback from the Bitcoin Protocol Discussion group. Some concerns were raised about its feasibility and potential problems such as incentivizing miners to ignore their best interests and confirm transactions by priority. Technical issues needed to be resolved in implementation, and fundamental errors in the proposal were identified. The current model of transaction bandwidth limit was deemed insufficient for ensuring operational reliability and safety of transactions, which limits consumers' confidence in Bitcoin.A reliable permanent solution is required to provide transaction confirmation services for all transactions and maintain consumer acceptance. Williamson's proposal aims to maximize transaction reliability, scalability, and total fees paid per block without reducing reliability. However, the proposal still needs a programmer to program and a mathematician to formulate the appropriate curve for the transaction priority.Overall, the proposal aims to validate full transaction reliability and enable scalability of block sizes. Nonetheless, there are still concerns that need to be addressed before implementing this solution.
Updated on: 2023-06-12T22:52:13.565217+00:00