Author: vjudeu at gazeta.pl 2022-07-14 09:33:13
Published on: 2022-07-14T09:33:13+00:00
A proposal to burn all fees and keep a block reward that will smooth out while keeping the ~21M coins limit has been suggested. This would incentivize miners to collect higher fee transactions with the indirect perspective to generate more reward in the future. Revenues would be equally distributed over time to all participants, which would solve the overnight discrepancy. Moreover, increased velocity of money would reduce the immediate supply of Bitcoin cooling down the economy. However, there are no ideas yet on how to elegantly implement this. Additionally, there is another way to counter tail supply attack, by locking 0.01 BTC per block to timelocked outputs, as it means less than 0.2% of 6.25 BTC. That percentage will grow over time as basic block reward shrinks, and we will have mandatory 0.01 BTC endlessly moved until it wraps. In an endless circulation loop, one can lock 2,100 BTC, avoiding the tail supply attack. Even if it will be mandatory to timelock 0.01 BTC to the current block number plus 210,000, then it is still perfectly valid to move that amount endlessly without taking it, just to resist the tail supply attack.In response to burning all fees, John Tromp via bitcoin-dev stated that the emission curve lasts over 100 years because Bitcoin's success state requires it to be entrenched globally. The last 100 years from 2040-2140 only emits a pittance of about 0.4 of all bitcoin. Proper distribution is achieved through the shape of the emission curve. There is only one coin whose expected (soft) emission time is larger than Bitcoin's, and it's about an order of magnitude larger, at 50 years.
Updated on: 2023-06-15T22:47:23.500053+00:00