Author: vjudeu at gazeta.pl 2022-07-07 12:15:34
Published on: 2022-07-07T12:15:34+00:00
The Bitcoin system currently lacks feedback between the optimum amount of security and what actually exists, and there is no agreement on how much security would constitute an optimal level. A market mechanism to answer this question would be an important project. If we were over-secured in the short term, a soft-fork could reduce current and near-future mining rewards by locking coins in a contract that deprived the miner of the full reward and then using that contract to pay rewards out far in the future if the security budget was insufficient. However, this solution would only work for a finite amount of time. A parabolic relationship exists between block size and total fees paid, which defines the optimum point between too much and too little blockchain security. To smooth fees, transaction joining and coin locking to future block numbers could be allowed. The market should adjust fees, and finding the right balance between on-chain and off-chain should be left to the users by providing them with options like transaction joining. Such features will be created anyway, but if not supported directly, they will come as no-forks, or centralized websites will start doing so.
Updated on: 2023-06-15T21:19:37.761467+00:00