A new scheme of bitcoin expansion design of incentives to encourage miners mining bitcoin block more than 1MB

A new scheme of bitcoin expansion design of incentives to encourage miners mining bitcoin block more than 1MB

According to foreign media reports, the recent emergence of a new web site to make people’s eyes light. It provides a creative way to solve the dilemma of bitcoin expansion.

The website called blockbounties.info. It can be admitted to mining capacity of more than 1MB block miners to provide bonuses or prizes.

The site is mentioned, the lack of market power to mining miners more than 1MB block, because this kind of work is often ignored the rest of the network, have not received any work in return.

In May 3rd, bitcoin network sends a capacity of 1MB trading, titled “savethechain!” If this transaction contains transaction information effectively in the block, the transactions required to pay about 274 bitcoin fee to the miners.

The site is described in detail,

In May 3, 2017, a 1MB size, deal with “SavetheChain!” The title issued to each of the miners in the block included in the payment of a total of nearly 274 bitcoin.

This will force the block size exceeds the 1MB limit, so the incentive measures require a considerable amount of miners can stimulate the execution. Any miners accept the challenge of the need to have creative ways to encourage other miners to follow.

A temporary solution for bitcoin expansion

The site is mentioned, only “SavetheChain!” The information contained in the block, you can create these rewards, or additional reward. It also has a page that allows the miner to “claim” these awards. It includes a lot of reward in the affairs of the.

This method may be used as a temporary solution, or “spoofing” network to accept larger blocks, but it seems to also be an effective market incentives, in order to be able to begin to expand the size of the blocks, thus promoting the miners and others to try new direction.

Submit the bounty and get the bounty

Individuals can also provide incentives for the bounty of miners, in order to obtain the integral. The site says any has the ability to create and sign the bitcoin trading people can create their own set of incentives for miners. They only need to upload sixteen hexadecimal format transactions, and add it to a gold pool.

This website explains,

“In order to make the transaction effectively, it must be a reference to the original 1MB output in the transaction, and must provide all or most of their funds as miners cost.”

This program creates bounty may obtain bring mature market for bitcoin block chain. The incentive structure here, but it may appear in the pursuit of the bounty and deliberately stack block size problem.

It is interesting that the miners provide alternative routes to obtain benefits, but do not have to follow strict bitcoin protocol. However, in the process of maintaining the integrity of bitcoin blockchain. Provide solutions for the beauty of the market often seems unable to solve the problem.

Leave a Reply

Your email address will not be published. Required fields are marked *