Author: Jeff Garzik 2015-09-16 21:32:04
Published on: 2015-09-16T21:32:04+00:00
Bitcoin Core committers and notable contributors discussed a "greatest common denominator" type consensus during Scaling Bitcoin. The chat was a without-attribution (Chatham House) summary, and the following is a personal summary of the chat, which is not a consensus statement or anything formal. The chat covered the background of "net-utxo", calculating transaction size within block by applying a delta to transaction size based on the amount of data added or removed from the UTXO set. Fee is then evaluated after the delta is applied. This aligns user incentives with UTXO resource usage/cost. The original idea was proposed by gmaxwell and others. Many participants were interested or at least willing to accept a "short term bump", a hard fork to modify block size limit regime to be cost-based via "net-utxo" rather than a simple static hard limit. The sizes of 2-4-8 and 17% per year were debated, and they seemed "in range" with what might work as a short-term bump - net after applying the new cost metric. Regarding the hard fork method, the group leaned towards a "if (timestamp > X)" flag day hard fork Y months in the future. They suggested setting a high bit in version, resulting in a negative number, to more cleanly fork away. As for "miner advisement," miners signal non-binding engineering readiness for a hard fork via coinbase moniker. Some fork cancellation method is useful if unsuccessful after Z time elapses. The chat participants are invited to reply to this message with their own corrections and comments and summary in their view. For the wider community, this is one of many "inputs" described at Scaling Bitcoin. Over the next few months, developers and the community should evaluate everything discussed and work towards some concrete proposal(s) that are implemented, tested, and simulated in December in Hong Kong.
Updated on: 2023-06-10T22:37:34.036540+00:00