- Jan 5, 2016
- 63
- 149
So I was thinking after meeting many of the miners about how making Bitcoin block size limit setting into more of a feature than just a housekeeping configuration task.
What assumptions we make:
Most miners (more than 51%) will be honest, and act solely on economic greed.
Most miners want to appreciate value of the network instead of destroying it.
Most miners (both pools and miners) don't want to play politics
Under these assumptions then we can address their needs directly, by addressing their fears and also maximizing their profit from Bitcoin mining for now and into the foreseeable future.
What miners want:
-Maximize fees collected
-Minimize orphan rate
-Minimize chance of chain split
What BU (via EC) gives us the ability to do:
-Model statistical likelihood of a block being orphaned given any given EB/AD combination and knowlege of everyone elses settings on the network
-Model the statistical likelihood of a chain split given the percentage of the network NOT signalling EC parameters
What we can give them
-Web app which connects to a server that is running a BU node, to gather real time network signalling information, and mempool composition
-Statistical breakdown of orphan rates given any EB/AD combination
-Chance of chain split given any EB/AD combination
We would need to create a model of the network given node composition and latency metrics
I'm sure this could be something that some analytics and networking folks could be commissioned to do.
This can basically be 'sold' to pools and miners (free for pools, perhaps initially free for miners) so that they can use this to tune their settings (eventually, dynamically) so as to 'soak up' any excess mempool when network flow peaks.
This will give miners the visibility tools to be able to make profit/risk judgments and take the complication out of EC configurations. We can have default "safe", "conservative", "premium", and "aggressive" settings (which of course is dynamic depending on the current network composition)
Thoughts?
What assumptions we make:
Most miners (more than 51%) will be honest, and act solely on economic greed.
Most miners want to appreciate value of the network instead of destroying it.
Most miners (both pools and miners) don't want to play politics
Under these assumptions then we can address their needs directly, by addressing their fears and also maximizing their profit from Bitcoin mining for now and into the foreseeable future.
What miners want:
-Maximize fees collected
-Minimize orphan rate
-Minimize chance of chain split
What BU (via EC) gives us the ability to do:
-Model statistical likelihood of a block being orphaned given any given EB/AD combination and knowlege of everyone elses settings on the network
-Model the statistical likelihood of a chain split given the percentage of the network NOT signalling EC parameters
What we can give them
-Web app which connects to a server that is running a BU node, to gather real time network signalling information, and mempool composition
-Statistical breakdown of orphan rates given any EB/AD combination
-Chance of chain split given any EB/AD combination
We would need to create a model of the network given node composition and latency metrics
I'm sure this could be something that some analytics and networking folks could be commissioned to do.
This can basically be 'sold' to pools and miners (free for pools, perhaps initially free for miners) so that they can use this to tune their settings (eventually, dynamically) so as to 'soak up' any excess mempool when network flow peaks.
This will give miners the visibility tools to be able to make profit/risk judgments and take the complication out of EC configurations. We can have default "safe", "conservative", "premium", and "aggressive" settings (which of course is dynamic depending on the current network composition)
Thoughts?
