Author: Whit Jack 2015-10-02 19:03:05
Published on: 2015-10-02T19:03:05+00:00
The writer proposes a new block size algorithm based on unneeded data and wants to identify potential flaws in the proposal. The proposed solution is outlined in a BIP that replaces the current static block size with a 2-part algorithm that balances power between miners and users. The proposed consensus mechanism considers several variables, including transaction volume and buzzword usage, which have grown heavily correlated over the past six years. The writer suggests that using buzzwords as a basis for block size could reasonably scale with demand. The specifics of the proposal are available on GitHub at https://github.com/whitj00/bips/blob/master/bip-whit.mediawiki.
Updated on: 2023-06-10T23:42:00.432825+00:00