Speaker: Francisco "ArcticMine" Cabañas
Monero uses an adaptive block weight based upon the CryptoNote excess size penalty with a median over the last 100 blocks to provide the capacity for increases and decreases in the number of transactions. In 2019 this adaptive block weight was modified by the introduction of a long term median over the last 100000 blocks to mitigate against a sharp increase in the block weight, due to possible spam attacks. In 2022 changes to the Monero adaptive block weight in order to mitigate against a sharp increase in transaction fees and allow for a smooth recovery, and further growth in the block weight after a sharp drop in the number of transactions, were introduced. The proposed Full Chain Membership Proofs++ will require changes to accommodate transaction weights of around 10000 bytes, and fixed proof weights to accommodate dynamic increases in transaction weights. Furthermore, a spam attack in early 2024 has indicated the appropriateness of a tighter pricing of block weight growth. We will discuss the resulting Monero fee market and the necessity of Monero’s constant emission of 0.6 XMR per block to ensure POW security and protection against spam. We will propose: An increase in the minimum penalty free zone from 300000 bytes to 1000000 bytes, a reduction of the surge of the short term median above the long term median from 50 times to 16 times, together with an increase in the growth rate of the long term median from 1.7 times to 2 times, and the introduction of a 1000000 block sanity median with a growth rate of 2 times. This will in addition to provide the necessary support for FCMP++, provide additional protection against spam attacks and approximately cap the overall growth rate of Monero blockchain to the historical growth rate of residential and small business bandwidth. We will also discuss the resulting transaction fee changes and simplification of the transaction fee calculations by Monero wallets.