If my understanding of IBLT is correct, its main advantage is that the quantity of information transmitted on the wire is constant, whatever the number of transactions inside the block.
IMHO, it's fair to say that propagation of these data is not the whole story. There's a reconciliation to be done between the new block and the local mempool but I think it's also fair to make the hypothesis that with such a mechanism in place, mining pools may have an incentive to keep an exhaustive mempool (in order to avoid the burden of requesting missing transactions and to increase their performances/profits).
Anyway, I think we can say that with an IBLT, some operations will depend on the number of transactions (in mempool and new block) but for now, I don't know how the delay introduced by these operations would compare with the delay related to the propagation in the network (in term of order of magnitudes).
This study is very interesting, because from an engineering point of view, having a mechanism requiring constants resources (time or space) is the "holy grail" but according to your paper that may also imply the birth of an unhealthy fee market (and a new challenge for bitcoin
.
As said many times by others, current solutions just kick the can down the road and a proper solution for propagation in the network remains to be found and implemented (imho the relay network should be considered as a temporary "patch" (no offense intended to its creator) and shouldn't become a replacement of the p2p network).
Understanding the economic consequences of future solutions is really needed before we decide to go down the road and not so much has been done until now. So, keep up the good work !
IMHO, it's fair to say that propagation of these data is not the whole story. There's a reconciliation to be done between the new block and the local mempool but I think it's also fair to make the hypothesis that with such a mechanism in place, mining pools may have an incentive to keep an exhaustive mempool (in order to avoid the burden of requesting missing transactions and to increase their performances/profits).
Anyway, I think we can say that with an IBLT, some operations will depend on the number of transactions (in mempool and new block) but for now, I don't know how the delay introduced by these operations would compare with the delay related to the propagation in the network (in term of order of magnitudes).
This study is very interesting, because from an engineering point of view, having a mechanism requiring constants resources (time or space) is the "holy grail" but according to your paper that may also imply the birth of an unhealthy fee market (and a new challenge for bitcoin
. As said many times by others, current solutions just kick the can down the road and a proper solution for propagation in the network remains to be found and implemented (imho the relay network should be considered as a temporary "patch" (no offense intended to its creator) and shouldn't become a replacement of the p2p network).
Understanding the economic consequences of future solutions is really needed before we decide to go down the road and not so much has been done until now. So, keep up the good work !