Published on: 2017-12-07T21:39:56+00:00
The email exchange between Damian Williamson and ZmnSCPxj on the bitcoin-dev mailing list revolves around a BIP proposal called UTWFOTIB, which stands for Use Transaction Weight For Ordering Transactions In Blocks. The discussion focuses on the idea of using the next block size to order transactions in blocks, with some concerns being raised about the feasibility of this proposal.ZmnSCPxj argues that consensus rules should restrict themselves to the characteristics of the block and its transactions, rather than depending on the transaction pool, which is not safe for any consensus rules. This point is echoed by Damian Williamson, who revises the proposal and posts it back to the mailing list.Despite the concerns raised, both parties agree that the proposal is worth considering and discussing further.In a Bitcoin Developer email thread, Damian Williamson proposed a BIP (Bitcoin Improvement Proposal) called Use Transaction Weight For Ordering Transactions In Blocks (UTWFOTIB). However, there was concern raised by ZmnSCPxj over the proposal's reliance on the transaction pool. ZmnSCPxj argued that consensus rules should only focus on the characteristics of the block and its transactions. He also pointed out that if a node is temporarily stopped, it may not have a view of the "consensus" transaction pool during that time and can only trust the longest chain.The context discusses the issue of SPV confirmation faced by a node that is temporarily stopped and restarted after some time. The node cannot verify the "consensus" transaction pool during the time it was stopped and can only trust the longest chain, which makes it an SPV for this particular rule.The email exchange between Jim Renkel and Damian Williamson discusses the recent BIP proposal, UTWFOTIB (Use Transaction Weight For Ordering Transactions In Blocks). Jim questions whether miners would follow the proposal as it is not enforceable and could be implemented on an individual basis. Damian suggests that block sizes based on transaction weight could be implemented if the transactions conform to a probability distribution curve or fee distribution curve.Damian Williamson has proposed a new BIP (Bitcoin Improvement Proposal) called UTWFOTIB, which stands for Use Transaction Weight for Ordering Transactions in Blocks. The proposal aims to maximize transaction reliability and total fees paid per block without reducing reliability. It suggests providing each transaction with a transaction weight, which is a function of the fee paid and the time waiting in the transaction pool. The transaction weight will serve as the likelihood of a transaction being included in the current block.Damian Williamson proposed a BIP (Bitcoin Improvement Proposal) called "UTWFOTIB - Use Transaction Weight for Ordering Transactions in Blocks". The proposal suggests to provide each transaction with a weight function of the fee paid and the time waiting in the transaction pool. The transaction weight would serve as the likelihood of a transaction being included in the current block and then use a target block size. The curves used for the weight of transactions would have to be appropriate.A proposal named UTWFOTIB (Use Transaction Weight For Ordering Transactions In Blocks) was put forward on the bitcoin-dev mailing list by Damian Williamson. The proposal aims to address the issue of transaction bandwidth limit, which is a limiting factor for both miners and consumers. It suggests assigning each transaction a transaction weight based on the fee paid (on a curve) and the time waiting in the transaction pool (also on a curve) out to n days (n=30 ? ); the transaction weight serving as the likelihood of a transaction being included in the current block, and then using a target block size. This way, it maximizes transaction reliability, total fees paid per block, and provides additional block entropy and greater security since there is less probability of predicting the next block.The proposal, titled 'UTWFOTIB', suggests using a transaction weight for ordering transactions in blocks. The current bandwidth limit is a limiting factor for both miners and consumers, who want to maximize revenue from fees and transaction reliability respectively. The proposed solution is to provide each transaction with a transaction weight, determined by the fee paid and time waiting in the transaction pool, out to a certain number of days (possibly 30). This transaction weight will serve as the likelihood of a transaction being included in the current block, which will have a target size determined by the protocol. The curves used for the weight of transactions would have to be appropriate. The benefits of this proposal include maximizing transaction reliability, total fees paid per block, and market-determined fee paid for transaction priority. Additionally, fee recommendations work all the way out to 30 days or greater, and provides additional block entropy and greater security since there is less probability of predicting the next block. However, the proposal must first be programmed and any potential cons are yet to be identified.
Updated on: 2023-08-01T22:15:54.112779+00:00