Author: Eric Lombrozo 2015-07-24 00:04:07
Published on: 2015-07-24T00:04:07+00:00
The author of this message argues that those who claim that fee pressure will scare away users and break the industry are underestimating human ingenuity in the face of a challenge. He believes that we can overcome this obstacle, and find good solutions to a fee market. The longer we wait, the lower block rewards get, the larger the deployed infrastructure, the larger our userbase, and the harder it will be to solve it. Therefore, he suggests that we should solve the fee market issue now rather than later, as it will benefit both the industry and its users. He agrees that scaling the network will come in the form of a combination of many optimizations, but he believes that the economic and security arguments regarding fees and incentives still hold and are largely separate from the scalability issue. He does not think that an increase in block size at this time will prevent the development of other improvements that are needed, but it will exacerbate security concerns around nodes relying on other nodes to validate, particularly miners and wallets. Regarding developments on properly handling fees, there must exist the economic need for it before there’s an earnest effort to solve it. Increasing the block size right now will, in all likelihood, delay this effort. The author would much prefer to first let the fee market evolve because it’s a crucial component to the protocol’s design and its security model, and so we can get a better sense for fee economics. Then we might be able to figure out better approaches to block size changes in the future that make sense economically, perhaps with mechanisms that can dynamically adjust it to reflect resource availability and network load.
Updated on: 2023-06-10T03:21:13.540484+00:00