Published on: 2013-06-28T10:25:28+00:00
The email communication discusses the implementation of a voting system to increase the blocksize limit in Bitcoin. The author suggests that this system would ensure that any increase genuinely represents the desires of the Bitcoin community. While coercion and vote buying are possible, the design of Bitcoin allows for a decentralized system. The process described in the email ensures that changes happen gradually, giving all participants time to react.The author also emphasizes that implementing a voting system would take control away from the core development team and give it back to the community. This is seen as a way to address the political nature of the issue. The vote itself would involve a txout with a scriptPubKey form that proves one could have spent the txout. The median, rather than the mean, would be computed to prevent skewing the vote. The rolling median and periodic reset process further ensure gradual changes and prevent temporary events from influencing the vote.The email dated June 10, 2013, focuses on setting the default for Bitcoin block size limits. The author proposes that the default should not be set by wallets, but instead, users who do not vote would accept the status quo. The status quo is defined as the mean of the old and new limits in the past year. By not voting, users effectively vote for the current limit. The author also mentions the importance of factoring in txout age, where older txouts would carry less weight in the vote. Sudden changes in votes should be avoided to ensure gradual increases.The message highlights the concern of putting too much power in the hands of a small minority if the decision of blocksize is left entirely up to miners. Unlimited blocksize proposals could lead to problems if the majority wishes to validate the blockchain. The proposed solution is proof-of-stake voting, where miners must prove that the majority wants to accept a larger blocksize before increasing it. The upper limit on blocksize would be determined by the median of all votes, weighted by txout value. Votes without corresponding txouts would be considered a vote for the current limit. 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: 2023-08-01T05:08:12.097592+00:00