Author: Jeff Garzik 2015-06-14 05:36:45
Published on: 2015-06-14T05:36:45+00:00
The size limit of a block in blockchain technology is a significant factor that determines the fee market. There is a consensus that the current limit needs to be increased, but the question remains, by how much? The decision made by the software developers with regards to the size limit greatly affects market actors and their business models. For instance, if the limit is set at 300k, space becomes scarce, and fees are high, while a limit of 32mb results in abundant space and near-zero fees. The size limit is an economic policy lever that should be transitioned from software developers to the free market. A hard fork to increase block size does not necessarily fix higher-level governance issues associated with actors lobbying developers. Eric Lombrozo suggests a voting system for metaconsensus to address this problem more generally. Jeff Garzik proposes a technical advisory board to determine proper fees, decentralization, and growth factors.
Updated on: 2023-06-09T22:57:50.390311+00:00