I'm liking
JR's paper. Micropayment channels is the most constructive approach to permanently dealing with the block size limit, since defenders of the limit are mostly concerned about the data overhead on full nodes. Existing relay (non-mining) full nodes are providing free services to support the network, where holding BTC and hoping for a capital gain, is the only compensation.
"Lets put our trust in natural economic forces to automatically regulate the block size
A functioning payment system built into the Bitcoin P2P network is very doable. We have participants in the market, services for them to buy and sell, the micropayment channels to facilitate payment, and the capability of computer science and software engineering to develop the algorithms necessary to facilitate price discovery. This is the approach we should take to safely uncap the block size limit and allow Bitcoin to scale along with market demand."
What's the best approach? An add-on to facilitate 2-way payment flows for all nodes types (SPV users, miners and non-miners) ? Does this call for a lighthouse project?