Author: Mike Hearn 2014-06-16 11:35:33
Published on: 2014-06-16T11:35:33+00:00
The falling number of nodes in the Bitcoin network is a concern, as it affects the grassroots perception of the project and spreads the cost of chain upload bandwidth across multiple people. There are concerns that incentivizing nodes with money could ruin the motivation of volunteers, making the transition to a pay-for-node-services world difficult. Instead, the focus should be on moving chain upload onto specialized "archival nodes" that could potentially charge for their services. This solution was prototyped by Mike Hearn but never finished. Incentivizing giving through microdonations is another proposed solution, where those running full nodes would be entered in a "decentralizing lottery" and provided incentives in the form of small to large bitcoin amounts, depending on how many participants are involved in the donations process. The lottery concept would complement the block reward system already in place, serving those who mine, and would encourage individuals who don't feel the urge to mine but want to be compensated for their efforts in the system.
Updated on: 2023-06-09T00:09:43.262817+00:00