Author: Eric Lombrozo 2015-07-29 02:40:21
Published on: 2015-07-29T02:40:21+00:00
The author proposes solutions to several issues with Bitcoin, including the lack of a fee market and the externalization of validation costs for nodes. The author suggests artificially imposing limits and removing them once economic incentives are properly aligned. Additionally, the author addresses the problem of validators not being compensated and miners failing to properly validate blocks, suggesting random checks and secure outsourcing as potential solutions. The author also discusses the need for thin clients to obtain short proofs for their transactions and proposes better data structures and outsourced proofs as solutions. Finally, the author suggests addressing these issues before considering raising the block size limit or getting rid of it altogether.
Updated on: 2023-06-10T04:03:12.480107+00:00