16

According to the pull request from moneromooo-monero on behalf of ArticMine: The dynamic fee is based on the block size in a past window, and the current block reward. It is expressed by kB. This function calculates an estimate for a dynamic fee which will be valid for the next grace_blocks According to dEBRUYNE_1 this change will take effect with v4 in ...


11

When a block is built a block larger than the median size of the last 100, then a quadratic penalty is imposed on the miner such that: penalty = base subsidy * ((block size / median size of last 100 blocks) - 1)² subsidy = base subsidy - penalty Miners can avoid this fee altogether by refusing to include transactions in blocks that would lead to exceeding ...


8

This limit is based on the median of the last 100 blocks' size, after removing outliers, with a 60 kB lower limit (so blocks can't get TOO small, or you could have a hard time "restarting"). This allows the block size to grow and contract based on transaction volume. The size at which the block reward penalty kicks in is between 100% and 200% of the block ...


6

The 60 kB limit is the minimum median block size limit. Thus, miners are able to construct blocks up to 60 kB without incurring a penalty. This limit was increased from 20 kB in the March 23, 2016 hardfork and was first proposed by smooth. From the proposal: The minimum median block size is current 20 KB, meaning without the dynamic block size kicking in, ...


6

Maybe it would. In theory, to smoothly function as "originally intended" would mean the median block size would somehow have to grow to the point where one TX is 1.2% of the median, which translates to a block size of roughly 1250kB (15kB being a safe size to fit a "typical" transactions). The magnitude would then be around 2500TX/hour or 0.7TX/s. It's a ...


5

If you were a bank, then I agree with you - clearing all transactions as fast as possible makes the most sense for your customers. After all, you would control all the account information, have plenty of computing power, and would enjoy all the transaction fees that go with them. We don't want centralization, we want as many people as possible to run a full ...


4

With sufficient demand, one would end up with a boundless block size, and a minuscule block reward, a tragedy of the commons. What am I missing? I would argue you are missing physics. At some point, the physical limits of the network bound the blocksize. I.e., if a miner decides to keep pushing the blocksize higher, eventually a blocksize will be reached ...


3

It could be argued that there's no need to re-adjust M_0 again as just reducing typical TX size would give us more margin and would further reduce the effect of TX size / block size ratio. However, do-not-relay fee could be adjusted at any time to keep the price/fiat at some reasonable level and deter irrational network use. The more TX-es can fit in a ...


2

Since the penalty function is inherited from CryptoNote, we must look at the whitepaper for the "original thought" on the subject. A miner still has the ability to stuff a block full of his own zero-fee transactions up to its maximum size 2 * M_b. Even though only the majority of miners can shift the median value, there is still a possibility to bloat the ...


2

But I fail to see how a miner, who just "packs" transactions in a block, can control the size of the blocks he or she mines. Exactly like that. You pack until you get to the target size. Then, you simply don't pack the rest of the queue and leave it for the next block. Or you swap low fee tx-es with ones with higher fee, still keeping the size below the ...


2

For blocks above the median block size of the last 100 blocks but below the 2x the median block size dynamic cap a quadratically increasing penalties is applied to miners. How is this penalty calculated? Current block reward penalty is given by: P = R * ((B / M) - 1) ^ 2, where R is the base block reward, B the block size and M the median block size of the ...


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