Up to this point, the mind fashion to gauge back upward for a alter to Bitcoin’s consensus rules has been miner voting. Miners are able to broadcast back upward for changes to the Bitcoin protocol via coinbase transactions, in addition to these messages of back upward are tabulated inwards an endeavor to gauge the degree of back upward amidst those who are theoretically incentivized to back upward the network.
On a recent episode of The Crypto Show, Bitcoin Core contributor Peter Todd discussed the thought of allowing users to vote (or signal support) for hard forks, which is a concept that was heavily discussed at the Satoshi Roundtable inwards belatedly February. During the interview, Todd summarized why having users vote for changes to Bitcoin’s consensus rules would last an improvement over miner voting:
“Something similar coin voting ‒ that could give you lot much amend feedback on what people genuinely want. Right now, nosotros don’t genuinely accept a expert fashion of getting feedback.”
This improved feedback would brand hard forks safer because it would give a clearer indication of the degree of back upward for the fork earlier it is activated. Influenza A virus subtype H5N1 hard fork without close universal back upward from users has the potential to create two competing Bitcoin blockchains. Although miner voting is currently available, those votes don’t dot whether the economical bulk volition also hold amongst changes agreed upon past times the mining community.
How Can Bitcoin Users Vote for Hard Forks?
Todd noted that this is specially useful during hard forks. Todd explained the basics of how this voting would work:
“As business office of the hard fork to growth the block size, business office of the atmospheric condition for genuinely triggering this hard fork (in the code to genuinely nation this software is forthwith active) would last that you lot expire vote amongst your bitcoins.”
Todd also noted that Bitcoin transactions are genuinely nix to a greater extent than than cryptographically signed messages broadcast on the network. These messages essentially enjoin the residual of the network to transfer ownership of a sure as shooting amount of bitcoins from i address to another. Todd explained that other vote-related messages could also last sent out to the network:
“What nosotros verbalize nigh when nosotros nation voting is to say, as business office of that message, you lot could either nation on superlative of that, ‘This transaction that gives those bitcoins to somebody else ‒ I also tumble out to back upward this change.’ Treat that as a vote for the change, or you lot could expire in addition to vote solely separately, which isn’t fifty-fifty inwards a transaction.”
How Would This Work inwards Practice?
Todd explained that the simplest implementation of user voting would probable last a flag inwards Bitcoin wallets that asks users whether they back upward a potential alter to Bitcoin’s consensus rules. In this way, users would accept the selection to vote every fourth dimension they travel Bitcoin to shipping value over the Internet.
Exactly how the voting would piece of work is all the same upward for debate. Some believe that each user should last able to flag their transactions amongst a vote on every transaction, piece others believe this would last something amend handled past times wallet developers. This business office of the give-and-take gets into the combat over whether Bitcoin should operate as a republic or a technocracy. Todd indicated that he leaned toward allowing users to grip their ain votes, but he added, “It’s non a technical question; it’s a political question.”
Using Bitcoin Days Destroyed
Of course, closed to issues could arise past times merely allowing users to vote on changes to Bitcoin’s consensus rules amongst their bitcoins. For example, i user could vote many times past times merely exchanging the same minor amount of bitcoins betwixt his or her ain addresses. Todd compared this type of voting to counting votes inwards an election based on how many times people were able to see the polls on Election Day. He added, “You desire something that’s to a greater extent than similar i bitcoin equals i vote.”
To ensure that vote tallies are an accurate depiction of what the overall community believes, it would brand feel to travel Bitcoin Days Destroyed. This metric multiplies the value of a Bitcoin transaction past times the number of days since those bitcoins were final moved. Todd noted:
“That means, essentially, everyone’s vote is counted as inwards proportion to how many bitcoins they accept in addition to how long they’ve held them.”
Using Bitcoin Days Destroyed for votes would create a organization somewhat similar to shareholder voting. Todd explained, “If you lot receive to a greater extent than bitcoins than I do, you lot larn a bigger proportion of the vote, which makes a lot of sense. You’re to a greater extent than invested inwards the system.”
Problems With Coin Voting Still Exist
Coin voting is non without its ain issues. The fundamental occupation amongst this organization for gauging consensus is that it could last hard to inform Earth on how they’re supposed to cast their votes or fifty-fifty that a vote is taking place. Having said that, Todd added that the fact a hard fork would touching everyone on the network could brand to a greater extent than people inclined to vote on potential changes to Bitcoin’s consensus rules.
Miner voting is the best selection for gauging consensus on protocol changes correct now, but money voting may expire an fifty-fifty to a greater extent than powerful indicator of fork back upward inwards the not-too-distant future.
Kyle Torpey is a freelance journalist who has been next Bitcoin since 2011. His piece of work has been featured on VICE Motherboard, Business Insider, NASDAQ, RT’s Keiser Report in addition to many other media outlets. You tin follow@kyletorpeyon Twitter.
The post service Bitcoin Hard Forks May Become Safer With User Voting appeared showtime on Bitcoin Magazine.
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