Author: praxeology_guy 2017-03-31 20:29:41
Published on: 2017-03-31T20:29:41+00:00
The proposed hard fork change involves refunding excess fee amounts higher than the lowest included fee in a block. This would change the fee policy to reduce all fee/byte in a block to the lowest included fee/byte and transactions would specify how/which outputs get what portions of [(TX_fee/TX_length - LIFB)*TX_length]. This change is desirable because miners seek pure profit by filling their blocks with transactions that have the highest fee/byte, leaving users who want to create transactions with the lowest fee watching the LIFB so that they can make a transaction that offers a fee at or above the LIFB for reasonable inclusion time. Some users require quick confirmation time sensitivity/importance and offer a much higher fee than the LIFB but would still prefer to pay the LIFB fee/byte amount. Users look for money that offers the greatest transfer efficiency, and tx fees are an easily measurable component. Thus, a money system is better if its users can pay lower fees than competing options. However, this proposed hard fork change is a big one, and there might be performance problems associated with it. Hard forks are generally challenging to perform, and if fees are very small, and there is little difference between a high priority fee/byte and the LIFB, then the issue may not be significant. Overall, the proposal is put forward, although it is uncertain whether such a hard fork will be worthwhile.
Updated on: 2023-05-20T01:22:08.072813+00:00