Author: Stephen Morse 2015-05-31 19:04:32
Published on: 2015-05-31T19:04:32+00:00
The proposal suggests creating a simple voting procedure to increase the block size limit of Bitcoin. The voting system involves miners adding OP_RETURN data to their coinbase transaction, with OP_2 indicating a vote to increase the block size limit and OP_1 indicating a vote against it. Not including a vote is equivalent to voting against increasing the block size. If more than 1008 blocks out of a 2016 block round vote to increase the block size limit, then the maximum block size increases by 500 kb. The voting can only begin when there is a supermajority of miners signaling support for the procedure. This system ensures that altering the maximum block size requires more than 50% of miners to vote in favor of it. The proposal aims to create a non-gameable voting system where miners do not have to artificially bloat their blocks or exclude transactions. The chain up to the point of implementation may be interpreted as lacking votes to increase the block size.
Updated on: 2023-06-09T21:58:09.049603+00:00