Author: Sergio Demian Lerner 2016-11-25 23:45:20
Published on: 2016-11-25T23:45:20+00:00
The conversation between Sergio Demian Lerner and Tom Zander via Bitcoin-dev mailing list discussed the risks associated with unlimited block size. The concept of proof-of-work dictates that the longer a chain, the higher the probability that it will be extended for the simple reason that another chain will have to show a higher amount of proof of work to 'win.' However, if what the protocol dictates is not in the best interest of miners or full-nodes, then they will simply choose a rule that maximizes their revenue. A change is anything that modifies with a HF the current state of the Bitcoin Core implementation of the consensus protocol. Miners need to announce and follow the same block size policy to prevent short forks. All block size negotiations will be carried between miners in an off-chain manner, not by modifying the policy nor by announcing anything in the coinbase. It's better to let miners increase or decrease the block size limit by 1% per block (such as what Ethereum does with the gas limit) if block size negotiations are meant to be open and carried on on-chain. The conversation also suggests that there may be improvements to be made to the policy that BU uses, such as estimating the accepted block size for the majority of the miners and only counting block confirmations for wallet transactions taking into account only blocks whose size is lower or equal to S.
Updated on: 2023-06-11T20:40:16.659553+00:00