Author: Mark Friedenbach 2015-05-10 18:10:47
Published on: 2015-05-10T18:10:47+00:00
The Bitcoin network could benefit from aligning incentives to reduce risk and costs. Changing how the size limit is computed can help achieve this, as the current limit is blind to UTXO impact. Miners would gain less income if UTXO impact was factored into fee calculations, while users have little reason to optimize their UTXO behavior without fee impact. Justus' general approach, which relies on micropayment channels, is suggested as a long-term ideal direction for addressing these issues. Micropayment channels are already functional on Bitcoin without any changes, and widespread adoption could lead to reduced transaction costs and improved efficiency.
Updated on: 2023-06-09T20:09:13.707434+00:00