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From: Damian Williamson <willtech@live.com.au>
To: "bitcoin-dev@lists.linuxfoundation.org"
<bitcoin-dev@lists.linuxfoundation.org>
Thread-Topic: BIP 177: UTPFOTIB - Use Transaction Priority For Ordering
Transactions In Blocks
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Date: Sun, 24 Dec 2017 02:57:38 +0000
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Subject: [bitcoin-dev] BIP 177: UTPFOTIB - Use Transaction Priority For
Ordering Transactions In Blocks
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--_000_PS2P216MB0179FE1CAF04AB860A5F36719D000PS2P216MB0179KORP_
Content-Type: text/plain; charset="iso-8859-1"
Content-Transfer-Encoding: quoted-printable
BIP 177: UTPFOTIB - Use Transaction Priority For Ordering Transactions In B=
locks
This BIP proposes to address the issue of transactional reliability in Bitc=
oin, where valid transactions may be stuck in the mempool for extended peri=
ods.
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 result=
ing in variable and confusing confirmation times for valid transactions, in=
cluding 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 prior=
ity service auction model.
I will post the full proposal up on to my blog in the coming days and, re-r=
eview incorporating feedback that I have received on and off thread. It wou=
ld not be true to suggest that all feedback received has been entirely posi=
tive 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/subje=
ct.html
Regards,
Damian Williamson
--_000_PS2P216MB0179FE1CAF04AB860A5F36719D000PS2P216MB0179KORP_
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Content-Transfer-Encoding: quoted-printable
<html>
<head>
<meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Diso-8859-=
1">
<style type=3D"text/css" style=3D"display:none;"><!-- P {margin-top:0;margi=
n-bottom:0;} --></style>
</head>
<body dir=3D"ltr">
<div id=3D"divtagdefaultwrapper" style=3D"font-size:12pt;color:#000000;font=
-family:Calibri,Helvetica,sans-serif;" dir=3D"ltr">
<span>BIP 177: UTPFOTIB - Use Transaction Priority For Ordering Transaction=
s In Blocks</span><br>
<br>
<p style=3D"margin-top:0;margin-bottom:0">This BIP proposes to address the =
issue of transactional reliability in Bitcoin, where valid transactions may=
be stuck in the mempool for extended periods.<br>
</p>
<p style=3D"margin-top:0;margin-bottom:0"><br>
</p>
<p style=3D"margin-top:0;margin-bottom:0">There are two key issues to be re=
solved:</p>
<p style=3D"margin-top:0;margin-bottom:0"><br>
</p>
<ol style=3D"margin-bottom: 0px; margin-top: 0px;">
<li>The current transaction bandwidth limit.</li><li>The current ad-hoc met=
hods of including transactions in blocks resulting in variable and confusin=
g confirmation times for valid transactions, including transactions with a =
valid fee that may never confirm.<br>
</li></ol>
<br>
<p style=3D"margin-top:0;margin-bottom:0">It is important with any change t=
o protect the value of fees as these will eventually be the only payment th=
at miners receive. Rather than an auction model for limited bandwidth, the =
proposal results in a stable fee for
priority service auction model.</p>
<p style=3D"margin-top:0;margin-bottom:0"><br>
</p>
<p style=3D"margin-top:0;margin-bottom:0">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 al=
l feedback received has been entirely
positive although, most of it has been constructive.<br>
</p>
<p style=3D"margin-top:0;margin-bottom:0"><br>
</p>
<p style=3D"margin-top:0;margin-bottom:0">The previous threads for this BIP=
are available here:</p>
<p style=3D"margin-top:0;margin-bottom:0"><a href=3D"https://lists.linuxfou=
ndation.org/pipermail/bitcoin-dev/2017-December/subject.html" class=3D"OWAA=
utoLink" id=3D"LPlnk194859" previewremoved=3D"true">https://lists.linuxfoun=
dation.org/pipermail/bitcoin-dev/2017-December/subject.html</a><br>
</p>
<p style=3D"margin-top:0;margin-bottom:0"><br>
</p>
<p style=3D"margin-top:0;margin-bottom:0">Regards,</p>
<p style=3D"margin-top:0;margin-bottom:0">Damian Williamson<br>
</p>
</div>
</body>
</html>
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