Author: Mark Friedenbach 2013-06-10 16:46:16
Published on: 2013-06-10T16:46:16+00:00
The email thread discusses a proposal for proof-of-stake voting on protocol soft-forks, which has implications beyond the block size limit. The proposal outlines a way to balance the asymmetrical power relationship between miners and Bitcoin participants by allowing miners to prove that the majority will of the people is to accept a larger block size. The upper limit on the block size is then determined by the median of all votes, with each txout in the UTXO set being one vote weighted by txout value. Votes can be broadcast independently of transactions through a P2P mechanism, and 5% of every block should be assigned to voting only to reduce the cost of including votes in blocks. The rolling median of the blocks in the last year determines the actual limit in effect, and the periodic reset process ensures that any changes happen gradually and are not influenced by temporary events such as hacks or malicious wallet software. The design of Bitcoin assumes that a majority of miners will behave honestly, but coercion and vote buying are still possible in this system.
Updated on: 2023-06-06T18:40:35.847443+00:00