Published on: 2017-12-24T22:20:50+00:00
Damian Williamson, a developer, proposed BIP 177 as a solution to transactional reliability issues in Bitcoin. This proposal aims to address two main problems: the current transaction bandwidth limit and the ad-hoc methods used to include transactions in blocks, resulting in variable and confusing confirmation times. The proposed solution involves implementing a stable fee for priority service auction model instead of an auction model for limited bandwidth. This change is crucial to protect the value of fees, as they will eventually be the only payment that miners receive.Damian plans to share the full proposal on his blog in the near future, after incorporating feedback from various sources. He also provided links to previous threads related to this proposal where further discussions have taken place. It is important to note that BIP 177 has not been officially assigned, and Damian emphasizes the importance of not self-assigning BIP numbers.Overall, Damian Williamson's BIP 177 aims to tackle transactional reliability issues in Bitcoin by addressing the current transaction bandwidth limit and the ad-hoc methods of including transactions in blocks. The proposed solution involves implementing a stable fee for priority service auction model to ensure consistent confirmation times for valid transactions. Damian is actively seeking feedback and plans to post the complete proposal on his blog, incorporating input from various sources. The provided links offer additional information and previous discussions on this proposal.
Updated on: 2023-08-01T22:22:38.578433+00:00