Mandatory Inclusion of Old Transactions in Blocks

This requirement is aimed at combating mining centralization and censorship by ensuring that no single miner can exclude specific transactions without impacting their own rewards. The motivation behind this initiative stems from concerns over the increasing centralization of Bitcoin mining and potential regulatory pressures that could lead miners to censor or exclude certain transactions. By obliging miners to incorporate a small fraction of old transactions with low fees, the proposal seeks to safeguard the network against such threats.

The specification detailed in the proposal requires each miner to include transactions from the mempool that may be below the current market average fee but are among the oldest. Blocks will only be considered valid by the Bitcoin network if they adhere to this rule, thereby incentivizing miners to comply to avoid losing block rewards. This approach not only fosters greater inclusivity by ensuring the confirmation of old and low-fee transactions but also enhances censorship resistance since miners would risk their rewards by attempting to censor transactions.

Furthermore, the proposal outlines several benefits and considerations associated with its implementation. One significant advantage is the promotion of decentralization, as it reduces the possibility of centralized control over the network. Additionally, the dynamic nature of the mempool is expected to improve, with fewer old, stagnant transactions. However, miners will need to adjust their resource management practices to automatically identify and include these specified transactions.

In conclusion, the proposed Bitcoin Improvement Proposal (BIP) aims to maintain the integrity and decentralization of the Bitcoin network by preventing censorship and ensuring all transactions, particularly those that are old or have low fees, have an equitable chance of being confirmed.