Author: Martin Stolze 2017-03-20 20:12:36
Published on: 2017-03-20T20:12:36+00:00
The author of the message is Martin Stolze, who wants to know the current consensus on transaction tiering. He notes that the current protocol allows transaction processors or block generators to discriminate participants arbitrarily and there is little recourse for users. The economic incentives in the form of transaction fees are assumed to be sufficient because transaction processing authorities are expected to be guided by Bitcoin's growth and pursuit of profit. However, the author desires an ability to choose where to transact and conduct business in good faith. Martin Stolze has identified three options along the lines of Lawrence Lessig's concept of Cyberspace: Law, Architecture, and Market. Law requires direct engagement between users and block space authorities (BSAs), which could involve brokers and increase transaction costs significantly. Architecture suggests the removal of transaction fees, but this could lead to spam/empty blocks and require a complete redesign of Bitcoin. Lastly, Market proposes direct communication between users and BSAs, through individual mempools. Different BSAs can receive different transaction fees for the same transaction in their respective mempool to reflect the user's preference. In the long term, it is likely that a clearer differentiation of BSAs will become important. Today, BSAs communicate rarely, and it appears that their raison d'etre is not necessarily motivated by good faith towards Bitcoin as a whole. As we move forward, it is not just essential to attract opportunistic players that win an individual game, but good players that are invited to play again to win all possible games. BSA's establish their authority on cheap access to capital in the form of electricity and hardware and the consent and trust of users who expect BSA's to respect and maintain the ledger's integrity. In conclusion, Martin asks about the current stance of core developers regarding the facilitation of direct communication between users and BSAs through a transaction tiering model. In 3 to 8 years, when Bitcoin leaves its bootstrapping phase, the incentives will squarely fall on maintaining the ledger's integrity. Subsequently, it seems prudent to allow BSAs to compete for business based on factors other than price.
Updated on: 2023-06-11T22:19:17.609278+00:00