Author: Erik Aronesty 2017-03-08 19:42:11
Published on: 2017-03-08T19:42:11+00:00
A proposal for a Bitcoin Improvement Proposal (BIP) has been made. The proposed BIP allows users to signal their readiness by publishing an absolute upper bound called EB, currently set at 1MB, which cannot be overridden by miners. Miners can also signal readiness by publishing their own EB in a block. If 95% of blocks within a one month signalling period contain an EB greater than the previous consensus EB, a fork date is triggered at 6 months using the smallest 5th percentile EB published. After 6 months, any users who already have the new EB or greater begin using it to validate transactions. Core can optionally ship a version with a default EB in-line with their own perceived consensus. A versioning system is used to ensure that the two networks (old and new) are incompatible. Users who do not update their EB within the 6 month period will be excluded from the majority fork. It is recommended that major exchanges and users publicly announce their EB's. No code changes will be needed to fork the network as many times as both users and miners feel the need to do so. If a smaller block size is needed, a reduced size can also be published and agreed upon by both users and miners using the same mechanism. Any new node can simply follow these rules to validate all the blocks in a chain.
Updated on: 2023-06-11T22:07:40.729119+00:00