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Mathematical Formalism for Voting Process in Bitcoin

We propose a mathematical formalism for the voting process in Bitcoin ecosystem. This formalism can be used to algorithmically determine the best value of a certain parameter (e.g.,a block size limit) which will be considered appropriate by all voters. The proposed approach is aimed to clarify vagueness of some proposed voting processes that potentially allows a party with marginal voting power to dictate their conditions to the rest of the network. To solve the problem,we introduce a non-negative dissatisfaction function and minimize its value summed over all votes. The value of the block size limit (and,potentially,other parameters of the protocol) found this way will satisfy voters provided the dissatisfaction function is chosen appropriately.


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