[bitcoin-dev] BIP 177: UTPFOTIB - Use Transaction Priority For Ordering Transactions In Blocks

[Damian Williamson <willtech@live.com.au>]

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BIP 177: UTPFOTIB - Use Transaction Priority For Ordering Transactions In Blocks


This BIP proposes to address the issue of transactional reliability in Bitcoin, where valid transactions may be stuck in the mempool for extended periods.


There are two key issues to be resolved:


  1.  The current transaction bandwidth limit.
  2.  The current ad-hoc methods of including transactions in blocks resulting in variable and confusing confirmation times for valid transactions, including transactions with a valid fee that may never confirm.


It is important with any change to protect the value of fees as these will eventually be the only payment that miners receive. Rather than an auction model for limited bandwidth, the proposal results in a stable fee for priority service auction model.


I will post the full proposal up on to my blog in the coming days and, re-review incorporating feedback that I have received on and off thread. It would not be true to suggest that all feedback received has been entirely positive although, most of it has been constructive.


The previous threads for this BIP are available here:

https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/subject.html


Regards,

Damian Williamson

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