Author: Spartacus Rex 2017-12-22 18:07:49
Published on: 2017-12-22T18:07:49+00:00
The conversation revolves around a BIP proposal that aims to address Bitcoin's scaling and transaction confirmation issues. Damian Williamson, a member of bitcoin-dev, has proposed the Use Transaction Priority For Ordering Transactions In Blocks (UTPFOTIB) solution for the problem of transaction bandwidth and reliability. With Bitcoin's current model, valid transactions that are not urgent can take several days to confirm, and there is no guarantee that they will ever be confirmed due to rising transaction numbers and being pushed back by transactions with higher fees.Williamson's proposal suggests providing each transaction with an individual transaction priority based on the fee paid and time waiting in the transaction pool, which will determine the likelihood of the transaction being included in the current block and the order in which transactions are tried to see if they will be included. The target block size will be determined using the current transaction pool size and the number of transactions to be included in the current block. While the proposal maximizes transaction reliability, scalability, and possibility for consumer and business uptake while maximizing total fees paid per block without reducing reliability, there are concerns about its technical implementation and fundamental errors, as well as miners cheating and ignoring the proposal's prioritization of transactions based on fees. Additionally, there are discussions on the flaws of the current system and the need for a better solution, including a fixed fee per block approach.The proposal needs to be programmed and verified, but it may be possible to verify blocks conform to the proposal by showing statistically that all transactions included in the block conform to a probability distribution curve, and any zero fee transactions would have to be ignored. Williamson urges the need for a method that validates full transaction reliability and enables scalability of block sizes.
Updated on: 2023-06-12T22:43:13.617963+00:00