Edit: Day moved to February forth.
A blockchain (or blockchain based network) is a network of nodes that each process every transaction and come to consensus on the state and history of the network. For a blockchain to be decentralized, the nodes need to be practical to run on consumer hardware. This requirement puts strong processing and bandwidth constraints on the maximum data the network is able to handle. In practice, this means that data input into the system must be limited by a maximum block size. [1] [2]
In addition, every transaction in the system will have to pay a fee [3] in order to cover the cost of using up limited block space. This discussion will talk about how fees are currently implemented in today’s blockchain networks, what the problems with them are, and how the Causevest network will be designed with these issues and their solutions in mind.
Meeting time: 8:00 pm GMT (If anyone has suggestions or can’t make this time, feel free to drop a post)
Useful reading:
The actual variable of interest is blocksize*blocktime, but this tends to get reduced. ↩︎
Or block gas limit for systems that charge per opcode like Ethereum. ↩︎
Unless there are other rate-limiting procedures, although these can socialize the cost of using blockspace into the network as a whole. ↩︎