BIP Proposal: Revised: UTPFOTIB - Use Transaction Priority For Ordering Transactions In Blocks

Summary:

Damian Williamson has proposed a new BIP (Bitcoin Improvement Proposal) to address the issue of transactional reliability in Bitcoin. The current model for including transactions in blocks results in variable and confusing confirmation times, which may cause valid transactions to be stuck in the transaction pool for extended periods or never confirm. Williamson argues that all transactions with valid fees must confirm in due time and proposes a fee for priority service auction model.His proposal, UTPFOTIB (Use Transaction Priority For Ordering Transactions In Blocks), aims to ensure transactional reliability and scalability while maintaining the possibility for consumer and business uptake. The proposal suggests using dynamic block sizes that are fully scalable and maximize the total fees paid per block without reducing reliability. It also proposes a market-determined fee for transaction priority, which works up to 30 days or greater.The proposal requires a consensus on what size dynamic block to create, and enforcement of dynamic block size is currently not possible without it. The proposal suggests that a probability distribution curve resulting from the priority method should be used to verify all blocks created with dynamic size.The proposal addresses concerns over spam and very low fee transactions resulting in an infinite block size by suggesting the use of dust level addresses. Under this proposal, the mempool can grow quite large while the confirmation service continues in a stable and reliable manner. The proposal is necessary for ensuring transactional reliability and scalability, and it is suggested that an alternative be adopted if not this proposal.The proposal outlines the solution operation, which includes determining the target block size, assigning a transaction priority to each valid transaction in the mempool, selecting transactions to include in the current block using probability in transaction priority order until the target block size is met, solving the block, and broadcasting the current block when it is solved.The Bitcoin developer community is an active group of individuals who work towards improving the functionality and security of the cryptocurrency. Discussions on the mailing list can range from technical discussions on code implementation to broader debates on the direction of the Bitcoin network.The Linux Foundation is a non-profit organization that supports open-source software development, including Bitcoin. The foundation provides a platform for developers to collaborate and share their knowledge and expertise. The Bitcoin mailing list is just one example of the many resources available through the Linux Foundation.Overall, the Bitcoin developer mailing list hosted by the Linux Foundation serves as a valuable resource for those interested in staying up-to-date on the latest developments in the Bitcoin network. It is a platform for collaboration and discussion among some of the most knowledgeable and dedicated individuals in the field.

Updated on: 2023-06-12T22:49:58.864732+00:00