Arcurus
commented
7 years ago Here an example: Introducing a *blockspace-fee** := fee that a block creator has to pay to use space in a given block. These fees can only be claimed from other miners 42(for example) blocks into the future.
average-blockspace-fee := average blockspace-fee in the last 14 * 144 blocks (two weeks)
The block size a block creator is allowed to use would be: Block-Size = Max-Block-Size blockspace-fee / (4 average-blockspace-fee + blockspace-fee)**
- In short, if a block creator pays zero blockspace-fee he has zero blockspace to use.
- If a block creator pays the average fee he has 20% of the max block size to use.
- If a block creator pays infinite fee he can use the max block size.
- If a block creator pays double the average fee he can use 33% of the max block size, which would be 60% more space than one that pays the average fee
- If a block creator pays half the average fee, he can use 11% of the max block size and therefore 45% less space than one that pays the average fee.
FAQ: Why introducing miner fees instead of requiring more work for a miner to create a bigger block? Messing around with the block creation rate can have more not well known side effects, so better keep things as good as possible independent from each other.
What is the benefit? This suggestion will not help to reduce much the average price of a transaction, but will help to make the transaction fees more predictable and stable. Also it provides more space for transactions if there is a great demand and reduces space if there is a low demand and therefore will make transaction confirming much more predictable. .
Currently with blocks running full, even higher transaction fees will not increase (or lower fees reduce) the useable blockspace at a given time. RIght now this leads to a high volatility in transaction fees and makes the needed transaction fee nearly impossible to calculate.
Sooner or later Extended blocks will also run into an block size limit and therefore the same problem.
Have you thought about using a flexible block size for extended blocks for reducing the high transaction fee volatility and therefore making transaction fees much more stable and easy to predict?
How could this look like? We could introduce a new fee for block creators to pay for using extra space in a given block. In short the more a block creator pays the more space he can use in a given block to a max of five times the average block size.
With this in place higher fees would allow to use more block space, which increases the supply of block space and therefore reduces the transaction fees during high demand. The same way it would reduce the available blockspace and therefore supply if there is less demand.
What do you think?