Author: lisa neigut 2022-02-09 17:57:59
Published on: 2022-02-09T17:57:59+00:00
The author of a blog post on "Replace By Fee" (RBF) has proposed an update to the rules for Bitcoin's transaction relay system. The author argues that the current rules are overly complex, attempting to serve both the profit motive of miners and the relay motive of users. Instead, the mempool should focus solely on increasing the per-byte fees paid of a transaction and providing a simple policy for applications building on top of Bitcoin, such that knowledge of the mempool is not required for successfully issuing relay-able RBF transactions. This will benefit everyone as it becomes easier for users to re-submit transactions with increasingly greater feerates, creating more active competition for available blockspace as more applications are able to include it as a feature. The author also addresses the issue of packages in RBF, which makes the increasing per-byte rule less of a guarantee that increasing the per-byte value of a single transaction will net a given miner more fees than including the entire package. The proposed update would require that transaction relay candidates be evaluated on their net increase in fees per byte paid, and remove the requirement that the gross fee of the preceding transaction is met or exceeded.
Updated on: 2023-06-15T15:59:09.645237+00:00