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
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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
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