Vincent,

Some changes:

Votes need to be 100%, not 50.01%. That way small miners have a fair chance. A 50.01% vote means large miners call the shots.

While I like the idea of possibly requiring more than 50%, you wouldn't want to have a situation where a minority of uncooperative (or just lazy) miners don't add their votes and hold up progress. Maybe 2/3 instead of 1/2, though.

Users (people who make transactions) need to vote. A vote by a miner shouldn't count without user votes. Fee incentives should attract legitimate votes from miners. A cheating miner will be defeated by another miner who includes those votes, and take the fees.

This lets wallet providers and exchanges cast votes (few wallets will implement prompts and will just auto vote, so if you don't agree, switch wallets. Vote with your wallet).

The idea of voting with your wallet, while appealing, is technically infeasible. Miners can fill their blocks with any type of transactions, including their own specially designed transactions. And any fees from these transactions can be collected right back into their coinbase transaction.

- Stephen