Author: Tier Nolan 2015-07-17 16:12:05
Published on: 2015-07-17T16:12:05+00:00
Jeff Garzik proposed a new BIP (Bitcoin Improvement Proposal) as a backup plan to his preferred proposal (BIP 100). The general intent of this BIP is as a minimum viable alternative plan if an agreement is not reached on a more comprehensive solution. The benefit of this proposal is that it allows for conservative increase, proves network can upgrade and permits some added growth while the community and market gathers data on how an increased block size impacts privacy, security, centralization, transaction throughput and other metrics. However, it requires a hard fork, and another hard fork down the road. The patch in discussion limits transaction sizes to 1MB, which means that both are no longer linked together. Although this isn't technically a change, it establishes a precedent for hard forks not to require a vote. There is no voting step involved in this patch, so Jeff assumed that the intention is that as a compromise suggestion, it would have full support. Overall, the proposal serves as a good backup plan and a known quantity if an agreement is not reached on a more comprehensive solution. It also provides benefits such as conservative increases and allows for added growth while the community and market collects data on the impact of increased block size.
Updated on: 2023-06-10T02:55:15.078603+00:00