Author: Matt Whitlock 2015-05-08 12:48:16
Published on: 2015-05-08T12:48:16+00:00
On May 8, 2015, Joel Joonatan Kaartinen suggested to base the maximum block size on the bitcoin days destroyed in transactions that are included in the block. This suggestion has potential for scaling and keeping up a constant fee pressure, which could prevent spamming and increase the block size maximum when there are a lot of real transactions waiting for inclusion. However, the proposal was not included in the list by others and was later discussed. The issue with the proposal is that "bitcoin days destroyed" is not a measure of demand for space in the blockchain.The concern is that in the distant future, when Bitcoin becomes the predominant global currency, bitcoins will have such high velocity that the number of bitcoin days destroyed in each block will be much lower than at present. Therefore, this would mean that the block size limit should be lower in the future than it is now, which is incorrect. The proposal needs to be further explicitly described to make sure that everyone understands its purpose.
Updated on: 2023-06-09T20:13:41.000511+00:00