Author: Kevin Greene 2015-06-16 03:30:44
Published on: 2015-06-16T03:30:44+00:00
The idea of a Bitcoin Node Market was proposed to make it sustainable and perhaps profitable to run full nodes on the network in the long term. Nodes could participate in a market where they are paid by other nodes, wallets, and services to supply Bitcoin Network data. Payment would be based on the cost imposed on the node to do the work and send the data, but can be set in any way the node operator desires, creating a free market. Nodes that are mostly leeching data from the network will send payments to the nodes they connect to, but will likely receive no payments from other nodes, wallets, and services. Nodes that are providing balanced full service to the Bitcoin Network will tend to have a balance of payments coming in and going out with regards to other balanced full service nodes, leaving them revenue neutral there, but they will receive payments from leech nodes, wallets, and other services. However, this could impose a worse user experience on users who want to use bitcoin the "right" way. SPV wallets may also have to pay to connect to the network, which would tie up outputs every time the wallet is opened, and may prevent users from spending their Bitcoin when they need to. Users of centralized wallet services like Coinbase would not have to pay that fee, incentivizing users to use centralized wallets instead. Overall, this proposal aims to share the cost of running nodes among those who use the network while not contributing to it, and develop a market for fees to connect to the network to help cover the cost of running it.
Updated on: 2023-06-09T23:21:43.458974+00:00