Author: Damian Williamson 2017-12-19 07:51:39
Published on: 2017-12-19T07:51:39+00:00
The BIP proposal called UTPFOTIB aims to address two main problems with Bitcoin: how to ensure all valid transactions are eventually included in the blockchain and how Bitcoin can scale with fixed block size. The current system of limited transaction bandwidth is seen as wrong and unsuitable for a reliable transaction system, which raises concerns about the operation, reliability, safety, consumer acceptance, uptake, and value of Bitcoin.The proposed solution is to provide each transaction with an individual transaction priority based on a function of the fee paid and the time waiting in the transaction pool out to n days. The transaction priority would serve as the likelihood of a transaction being included in the current block and for determining the order in which transactions are tried to see if they will be included. The proposal also suggests using a target block size and determining the target block size using the current transaction pool size.While the pros of the proposal include maximizing transaction reliability, scalability, and possibility for consumer and business uptake, the cons include could initially lower total transaction fees per block and must be first programmed. The solution operation is a simplistic view of the operation, and the actual operation will need to be determined in a spec for the programmer.However, the lack of critical feedback on the revised UTPFOTIB proposal has led to questions about whether there are fundamental errors. The proposal does not suggest a consensus and if it is possible to keep track of how long transactions are waiting in the pool so that they can be included on a probability curve, then it is possible to verify that blocks conform to the proposal. The need for the proposal arises from concerns that transaction bandwidth is still an issue for the operation, reliability, safety, consumer acceptance, uptake, and value of Bitcoin.Consumers and businesses may not be against paying high fees, but require operational reliability. The time to resolve issues in commerce is before they become great big issues. The closing comments suggest validating full transaction reliability and enabling scalability of block sizes, even if it is not this proposal but an alternative.
Updated on: 2023-06-12T22:41:48.460734+00:00