Published on: 2017-03-14T23:20:48+00:00
In the Bitcoin community, a member has raised concerns about spamming the network, block sizes, and release schedule/consensus levels. They are considering submitting a Bitcoin Improvement Proposal (BIP) to address these issues. Another member suggests that there is no quadratic hashing solution to these problems, and mentions that a proposal similar to BIP107 could be relevant. However, there are no specifics provided regarding the timing or consensus levels required for this proposal.A suggestion has been made to create a FAQ about blocksize increase proposals in Bitcoin. The argument is that previous proposals, including Bitcoin Classic, have encountered similar issues, and repeating them with minor adjustments is not productive.The context also includes a communication from David Vorick via the bitcoin-dev mailing list, referencing a proposal by Washington Sanchez. Vorick seeks clarification on the purpose of the block size limit to facilitate a constructive discussion about the proposal. The provided link leads to the text of Sanchez's BIP 107.The discussion revolves around the purpose of the block size limit, with the speaker emphasizing the need for a clear understanding to foster productive conversations. However, no further details are given regarding the specific proposal or the block size limit itself.Currently, the maximum block size in the Bitcoin protocol is 1mb, leading to a "fee market" where high transaction fees are necessary for smooth Bitcoin usage. This creates challenges for merchants and new users who may be unaware of developments in the Bitcoin community. The 1mb limit also results in a finite number of transactions that can be confirmed, leading to a backlog and potential blockchain congestion.To address these issues, a proposed solution involves allowing the Bitcoin network to dynamically adjust the maximum block size based on prevailing network conditions. This adjustment would be determined by tracking the total size of transactions between consecutive network difficulty changes and dividing it by 2016, rounding up to the nearest kb. This value would then be compared to the previous block size, with the higher of the two becoming the new maximum block size. This adaptive approach would enable the network to automatically adjust the block size and defend against stress tests or spam attacks in the future.To prevent orphaned blocks and extremely small blocks, a minimum block size should also be implemented, ranging from 30-60% of the maximum block size. By implementing these proactive measures, the Bitcoin blockchain can alleviate congestion and provide sufficient space for transactions to be included in blocks more easily.
Updated on: 2023-08-01T19:45:35.390918+00:00