Author: Melvin Carvalho 2013-06-22 12:05:41
Published on: 2013-06-22T12:05:41+00:00
On June 10th, 2013, John Dillon proposed a proof-of-stake voting system to balance the power of miners in determining blocksize. Under this system, miners could only increase blocksize if they prove that the majority of Bitcoin participants voted for it. Each txout in the UTXO set would be one vote, with the upper limit on blocksize determined by the median of all votes weighted by txout value. To prevent DoS attacks, only votes with known vote IDs for txid:vouts already in the blockchain would be accepted. A record of txouts for whom votes have already broadcast would also be kept. The rolling median and periodic reset process ensures that the limit changes gradually and is not influenced by temporary events such as hacks to large exchanges or malicious wallet software. Coercion and vote buying were possible in this system, but the voting process ensured that any increase to the blocksize genuinely represented the desires of the Bitcoin community, and changes happened at a rate that gave all participants time to react. This system could be used for additional votes in the future, and implemented prior to an actual hard-fork to determine if it was even required.
Updated on: 2023-06-06T18:41:42.960244+00:00