Author: Jared Lee Richardson 2017-06-13 19:35:13
Published on: 2017-06-13T19:35:13+00:00
A new protocol upgrade process for Bitcoin has been proposed. The upgrade would occur in four stages, with the first stage being the development of a new versionbits in block headers that would orphan blocks with old versionbits. In the second stage, all nodes can send transactions with the new versionbits, but transactions with old versionbits will still be compatible.After 4032 continuous blocks with the new versionbits, mining nodes will begin to refuse transactions with old versionbits in the third stage. This step gives non-mining nodes enough time to upgrade their software before transactions with old versionbits are purged from memory pools. The fourth and final stage is an optional protocol upgrade stage where codes dealing with protocol upgrades can be integrated.The benefits of this protocol upgrade include the activation only requiring the majority of miners to signal, minimizing the possibility of delaying network upgrades by controlling a small number of hashing power. Non-mining nodes are not affected during the first two grace periods, which gives them enough time to upgrade their software. Furthermore, the ledger in non-mining wallet nodes is honored and reserved, and users of off-chain wallet services can decide whether or not to follow the service providers after they receive public notifications.The risks associated with this protocol upgrade include the fluctuation of hashing power affecting the result of the longest chain, miners potentially falsifying signals to avoid being orphaned, non-mining wallet nodes false signaling without supporting the new protocol, and miners and non-mining nodes conspiring to fork using the old protocol consensus. However, these risks can be reduced through most passive non-mining nodes being upgraded.The proposed method of a full network upgrade activated by miners is put forth to incentivize and protect mining nodes and non-mining nodes during protocol upgrading. The upgrade will phase in over three stages, with an optional fourth stage to integrate codes of protocol upgrade. Mining nodes signal using BIP9 and after a first grace period of 2016 blocks and total signalling blocks passed 2218 of 4032 blocks, miners broadcasting using new block versions will isolate old versions.Wallet nodes being able to fully validate and choose whether or not to accept a particular chain is an important part of Bitcoin's security model. After the non-mining node upgrades, mining nodes will vote to activate the protocol upgrade and this will achieve the broad/widespread deployment of the protocol upgrade. However, the implementation details for this proposed protocol upgrade process have yet to be determined.
Updated on: 2023-06-12T02:35:51.083142+00:00