Author: t. khan 2017-01-10 19:09:42
Published on: 2017-01-10T19:09:42+00:00
A proposal called Block75 aims to stabilize transaction fees at the level they were in May/June 2016 by maintaining blocks at 75% full. It will do so through changes in transaction size and volume caused by SegWit and Lightning. Ryan J. Martin expressed concern about an auto-adjusting limit, stating that it doesn't regard the optimal economic equilibrium for transaction fees/size. He also pointed out potential issues with miners deciding to mine very small blocks to constrict supply and increase marginal fees, or users pushing blocks to larger sizes causing higher latency and network issues. However, he suggests that something like this could work if it has solid code with a social benefit model built in to optimize for each size point. T.Khan presented a graph showing how Block75 would alter max block sizes based on the daily average over the past year. The max block size as of January 9, 2017, would be 1,135KB. The graph projects that the max block size one year from now would be 2,064KB if Block75 activated today. Every 2016 blocks, the algorithm would calculate the new max blocksize using the target capacity of keeping blocks 75% full and the average percentage full of the last 2016 blocks, as a decimal. The proposal allows for growth, keeps blocks as small as possible, and maintains transaction fees at a similar level to May/June 2016.
Updated on: 2023-06-11T21:11:08.383935+00:00