Author: Washington Sanchez 2015-09-08 14:02:51
Published on: 2015-09-08T14:02:51+00:00
The maximum block size is one that can be filled at zero-cost by miners, which allows for some selfish-mining related attacks. A selfish mining attack would have to be performed for at least 2000 blocks over a period of 4 weeks to achieve a meager 10% increase in the block size. If the goal is to increase block size to push out smaller miners, they will have to perform this attack over the course of years and destroy any economic incentives they have for mining in the first place. However, if the goal is to simply drive up fees to gain acceptance into the block, nothing stops a miner from doing so. Developers cannot predict the appropriate block size for the next 20 years just as it is impossible to predict the appropriate hash rate to secure the network. Both need to adjust dynamically to the scale/adoption of the network. Miners already control block size through soft caps. The only reason for reducing the max block limit other than technology availability is if it is believed that this will produce the fee market, which is more of an economic discussion than a technology scaling discussion. If blocksize can only increase, then it's like a market that only goes up which is unrealistic. The block size has to be elastic and allow contraction as well as expansion to avoid hurting the fee market.
Updated on: 2023-06-10T22:12:40.441215+00:00