Author: jl2012 at xbt.hk 2015-07-31 08:39:43
Published on: 2015-07-31T08:39:43+00:00
The email proposes a compromise between Gavin's BIP101 and Pieter's proposal, BIP103. The author suggests initiation through BIP34 style voting with support from 750 out of the last 1000 blocks and using the "hardfork bit" mechanism. The starting date is proposed to be 30 days after 75% miner support but not before 2016-01-12 00:00 UTC. The block size at 2016-01-12 will be 1,414,213 bytes, and multiplied by 1.414213 by every 2^23 seconds until exactly 8MB is reached on 2017-05-11. After 8MB is reached, the block size will be increased by 6.714% every 97 days, which is equivalent to exactly octuple (8x) every 8.5 years, or double every 2.9 years, or +27.67% per year. The final cap is set at 4096MB on 2042-11-17. The author suggests a faster growth in the beginning to normalize the block size, and a new optimal size based on current adoption and technology. They also agree that Bitcoin needs a fee market, but the fee pressure must not be too high at this moment as the block reward is still the miner's main income source. The author respects everyone building secondary layer over the blockchain. However, they believe that if the underlying settlement system does not have enough capacity, any secondary layer built on it will fall apart. Finally, the value of secondary layers primarily comes from instant confirmation, not scarcity of the block space.
Updated on: 2023-06-10T17:56:53.610506+00:00