Author: Washington Sanchez 2015-09-08 07:45:16
Published on: 2015-09-08T07:45:16+00:00
The Bitcoin community has been presented with a new proposal related to the block size by Dr Washington Y. Sanchez, co-founder of OB1 and Core developer of OpenBazaar. The proposal suggests a dynamic limit on the block size that would allow for a conservative increase in the maximum block size while providing relief to transaction volume pressure in response to true market demand. Under the specification, the maximum block size would be increased by 10% every 4032 blocks (~4 weeks) if a minimum of 2000 blocks has a size ≥ 60% of the maximum block size at that time. This calculates to theoretically 13 increases per year. The maximum block size can only ever be increased, not decreased. If this rule were to be instituted on January 1st, 2016, with a present maximum block size of 1 MB, the limit would be increased to 1.1 MB on January 29th, 2016. The theoretical maximum block size at the end of 2016 would be ~3.45 MB, assuming all 13 increases are triggered. As the maximum block size rises, so does the cost of artificially triggering an increase in the maximum block size. Sanchez is seeking feedback, suggestions, and alternatives related to some of the variables in his specification.
Updated on: 2023-06-10T22:13:03.704390+00:00