Author: Peter Todd 2015-06-27 17:20:11
Published on: 2015-06-27T17:20:11+00:00
In an email conversation, Michael Naber suggested that a test should be conducted to increase the block size to 8 MB. The main things that need to be shown are: small miners remain profitable, regardless of whether they are under attack or not, and the medium-to-long-term plan for paying for hashing power. In terms of profitability, it is important to ensure that small miners remain approximately as profitable as large miners anywhere in the world. This is measured by keeping orphan rates low, which implies blocks propagate across the network quickly. In addition, there needs to be a medium-to-long-term plan for paying for hashing power. Without scarcity of blockchain space, transaction fees will fall to the marginal cost of including a transaction which doesn't leave anything to pay for proof-of-work security. One possible solution is to change the inflation schedule so that the currency is inflated indefinitely, but this is politically non-viable.
Updated on: 2023-06-10T01:22:32.855550+00:00