From: Michael Gronager <gronager@ceptacle•com>
To: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: [Bitcoin-development] Chain dust mitigation: Demurrage based Chain Vacuuming
Date: Mon, 3 Dec 2012 12:19:37 +0100 [thread overview]
Message-ID: <80648682-E34A-455E-B34A-6BC24652C3EA@ceptacle.com> (raw)
(Also posted on the forum: https://bitcointalk.org/index.php?topic=128900.0)
The amount of "dust" in the block chain is getting large and it is growing all the time. Currently 11% of unspent tx outputs (UTXO) are of 1Satoshi (0.00000001BTC), 32% is less than 0.0001BTC and 60% is less than 0.001BTC. (Thanks to Jan for digging out these numbers!)
This means that a huge part of the block chain is used for essentially nothing - e.g. the sum of the 11% is worth roughly 2 US cents !
The main source for these 1 Satoshi payouts is Sahtoshi Dice. And nothing wrong with that, however, we should work on ensuring that too many too small payments will not kill the size of the blockchain in the end - further, they are essentially too small to be included in other transaction as the added fee will often make it more expensive to remove them. Hence, there is no incentive to get rid of them.
I have an idea for a possible mitigation of this problem - introduction of demurrage - not as in it normal meaning as a percentage over time (see:http://en.wikipedia.org/wiki/Demurrage_(currency) btw, this has also been tried in freicoin), but as a mean to recycle pennies over time. The proposal is simple - UTXOs age out if not re-transacted - the smaller the coin the faster the aging:
1-99 Satoshi: lives for 210 blocks
100-9999 Satoshi: lives for 2100 blocks
10000-999999 Satoshi: lives for 21000 blocks
1000000-99999999 Satoshi: lives for 210000 blocks
Only amounts above 1BTC lives forever - (or we could even impose aging on those too..)
The aged coins are simply included in the block mining reward, creating another incentive for miners. Further, if we include all coins in this recycle scheme coins will never be lost forever.
This scheme will impose some lifetimes also on e.g. colored coins (hence you need to use a certain amount to borrow space on the blockchain for the time needed, or simply transact them).
If you like this I would be happy to write it into a BIP.
Thoughts ?
next reply other threads:[~2012-12-03 11:19 UTC|newest]
Thread overview: 19+ messages / expand[flat|nested] mbox.gz Atom feed top
2012-12-03 11:19 Michael Gronager [this message]
2012-12-03 12:05 ` Pieter Wuille
2012-12-03 12:24 ` Michael Gronager
2012-12-03 12:33 ` Pieter Wuille
2012-12-03 15:02 ` Gregory Maxwell
2012-12-03 15:17 ` Alan Reiner
2012-12-03 15:30 ` Mike Hearn
2012-12-03 16:18 ` Stephen Pair
2012-12-03 16:29 ` Alan Reiner
2012-12-03 19:50 ` Andreas Petersson
2012-12-03 20:14 ` Gregory Maxwell
2012-12-03 15:51 ` Gregory Maxwell
2012-12-03 12:40 ` Wladimir
2012-12-03 13:04 ` Michael Gronager
2012-12-03 15:00 ` Mike Hearn
2012-12-03 15:07 ` Gregory Maxwell
2012-12-03 15:09 ` Mike Hearn
2012-12-03 17:02 ` Mark Friedenbach
2012-12-04 9:54 ` Andy Parkins
Reply instructions:
You may reply publicly to this message via plain-text email
using any one of the following methods:
* Save the following mbox file, import it into your mail client,
and reply-to-all from there: mbox
Avoid top-posting and favor interleaved quoting:
https://en.wikipedia.org/wiki/Posting_style#Interleaved_style
* Reply using the --to, --cc, and --in-reply-to
switches of git-send-email(1):
git send-email \
--in-reply-to=80648682-E34A-455E-B34A-6BC24652C3EA@ceptacle.com \
--to=gronager@ceptacle$(echo .)com \
--cc=bitcoin-development@lists$(echo .)sourceforge.net \
/path/to/YOUR_REPLY
https://kernel.org/pub/software/scm/git/docs/git-send-email.html
Be sure your reply has a Subject: header at the top and a blank line
before the message body.
This is a public inbox, see mirroring instructions
for how to clone and mirror all data and code used for this inbox