Modifying luke-jr's hard fork proposal: (BIP-?) Safer and growing block size limit

The original proposal: http://bit.ly/2krhip2

It's a 17.7% annual increase, with the following caveats:

• It reduces the max blocksize below 1MB, if activated before 6/2024.
• It increases the max blocksize above 1MB only after that date.

I propose the following changes

• Keep max blocksize at 1MB until 1/2019
• Start increasing the max blocksize after that date.

I believe almost two years should be enough time to prepare for a hard fork like this.

To illustrate what that would mean for bitcoin I made this chart.

• The blue line shows the actual max. blocksize.

• The red line shows the "effective blocksize" in terms of what it means for transaction capacity comparable to today's blocksize bytes, with the following assumptions:

  • SegWit get's activated in 1/2018 and increases efficiency by 110% (latest estimate I know, based on current usage data)
  • Schnorr signatures go live in 1/2019 and increase efficiency by another 40% (Eric Lombrozo's estimate)

I think any proposal based on /u/luke-jr's BIP is to be viewed as the new baseline, replacing the 1MB hardcoded limit, and not something that's necessarily set in stone for the next 40 years.

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Year	Blocksize	Est. eff. Blocksize (SW+Schnorr)
2019	1MB	2.9MB
2023	2MB	5.6MB
2027	4MB	11.2MB
2031	8MB	22.4MB
2035	16MB	44.9MB
2040	32MB	89.7MB

Submitted January 29, 2017 at 07:16PM by supermari0 http://bit.ly/2kH4CKg