[bitcoin-dev] Dynamic limit to the block size - BIP draft discussion

[Washington Sanchez <washington.sanchez@gmail.com>]

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Hi everyone,

I know many of us feel that the last thing the Bitcoin community needs is
another BIP related to the block size, but after a lot of reading and
commenting, I'd like to throw this idea out there.

I've already written it up as a BIP and would like some constructive
feedback/suggestions/alternatives related to some of the variables in my
specification:


Dynamic limit to the block size
=======================

The goal is to dynamically increase the maximum block size conservatively,
but allow meaningful relief to transaction volume pressure in response to
true market demand. The specification follows:

- Every 4032 blocks (~4 weeks), the maximum block size will be increased by
10% *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

For example, if this rule were to be instituted January 1st 2016, with a
present maximum block size 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 the cost of artificially triggering an
increase in the maximum block size.


Regards,
Wash


-------------------------------------------
*Dr Washington Y. Sanchez <http://onename.com/drwasho>*
Co-founder, OB1 <http://ob1.io>
Core developer of OpenBazaar <https://openbazaar.org>
@drwasho <https://twitter.com/drwasho>

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