Author: Ashley Holman 2015-06-14 07:19:47
Published on: 2015-06-14T07:19:47+00:00
Bitcoin's block size cap is an economic policy that needs to be chosen. Jeff Garzik proposed a "soft" limit enforced via miner vote, recorded by hashing power. This mechanism can provide users with influence over the miner vote, through transactions setting a flag determining whether or not they can be included in a block casting a specific vote. Transactions may only be included in blocks with an identical vote, thus providing miners with a monetary incentive via fees to vote according to user wishes. On the other hand, John Dillon proposed proof-of-stake blocksize voting. Enabling users to incentivize the voting process is an interesting tool to have in the toolbox, but it would be sensible to first observe how the miner-only voting system behaves on its own. It is wise to keep it simple and implement one mechanism at a time.
Updated on: 2023-06-09T22:53:56.823840+00:00