Author: Damian Williamson 2017-12-22 06:22:40
Published on: 2017-12-22T06:22:40+00:00
Damian Williamson, a member of the bitcoin-dev community, has proposed a Bitcoin Improvement Proposal (BIP) to address two key issues with Bitcoin - how it scales with fixed block size and how to ensure all valid transactions are eventually included in the blockchain. The current model with transaction bandwidth limitation is not suitable for a reliable transaction system, and it could kill the value of Bitcoin. Williamson argues that having an ever-increasing number of valid transactions that do not confirm as more new transactions with higher fees are created is the opposite of operating a robust, reliable transaction system.Williamson's proposal, called UTPFOTIB (Use Transaction Priority For Ordering Transactions In Blocks), aims to maximize transaction reliability and scalability while providing full transaction confirmation for every valid transaction. Each transaction will be provided with an individual transaction priority based on the fee paid and time waiting in the transaction pool out to n days (n=60?). The priority will determine 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. A target block size will also be used to determine the number of transactions to be included in the current block.The solution provides additional block entropy, greater security since there is less probability of predicting the next block. However, some members of the community criticized his proposal, saying that it is fundamentally broken, and it asks miners to ignore their best interests. Additionally, the proposal could not be implemented without resolving technical issues, and there are no fundamental errors in the current model.The operation process involves assigning a transaction priority to each transaction in the pool, selecting transactions to include in the current block using probability in transaction priority order until the target block size is met, solving the block, broadcasting the next target block size with the current block when it is solved, verifying the block, and accepting/rejecting the block based on verification result. The proposal can initially lower total transaction fees per block and must first be programmed.Williamson implores the use of some method that validates full transaction reliability and enables scalability of block sizes, if not this proposal, an alternative. The proposal needs a mathematician to develop the appropriate curves used for the priority of transactions. The verification of blocks conforming to the proposal may be possible by showing that the probability for all transactions included in the block statistically conforms to a probability distribution curve.
Updated on: 2023-06-12T22:42:35.831715+00:00