Author: John Dillon 2013-06-10 04:09:26
Published on: 2013-06-10T04:09:26+00:00
In this message, it is suggested that leaving the decision of blocksize entirely up to miners puts too much power in the hands of a small minority. While miners cannot be forced to increase the blocksize, proposals to leave it unlimited could lead to problems if the majority of Bitcoin participants wish to remain able to validate the blockchain. The solution proposed is proof-of-stake voting, which would require miners to prove that the majority wants to accept a larger blocksize before increasing it. The upper limit on blocksize would then be determined by the median of all votes, weighted by txout value. Votes without corresponding txouts would be considered a vote for the status quo. To ensure the voting process continues even if coins are lost, votes including default votes would be weighted inversely according to their age after 1 year.
Updated on: 2023-06-06T18:40:00.782683+00:00