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From: Zac Greenwood <zachgrw@gmail.com>
Date: Tue, 18 May 2021 16:02:18 +0200
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To: ZmnSCPxj <ZmnSCPxj@protonmail.com>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>,
 SatoshiSingh <SatoshiSingh@protonmail.com>
Subject: Re: [bitcoin-dev] Opinion on proof of stake in future
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Hi ZmnSCPxj,

Please note that I am not suggesting VDFs as a means to save energy, but
solely as a means to make the time between blocks more constant.

Zac


On Tue, 18 May 2021 at 12:42, ZmnSCPxj <ZmnSCPxj@protonmail.com> wrote:

> Good morning Zac,
>
> > VDFs might enable more constant block times, for instance by having a
> two-step PoW:
> >
> > 1. Use a VDF that takes say 9 minutes to resolve (VDF being subject to
> difficulty adjustments similar to the as-is). As per the property of VDFs,
> miners are able show proof of work.
> >
> > 2. Use current PoW mechanism with lower difficulty so finding a block
> takes 1 minute on average, again subject to as-is difficulty adjustments.
> >
> > As a result, variation in block times will be greatly reduced.
>
> As I understand it, another weakness of VDFs is that they are not
> inherently progress-free (their sequential nature prevents that; they are
> inherently progress-requiring).
>
> Thus, a miner which focuses on improving the amount of energy that it can
> pump into the VDF circuitry (by overclocking and freezing the circuitry),
> could potentially get into a winner-takes-all situation, possibly leading
> to even *worse* competition and even *more* energy consumption.
> After all, if you can start mining 0.1s faster than the competition, that
> is a 0.1s advantage where *only you* can mine *in the entire world*.
>
> Regards,
> ZmnSCPxj
>

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<div dir=3D"auto">Hi=C2=A0<span style=3D"color:rgb(0,0,0)">ZmnSCPxj,</span>=
</div><div dir=3D"auto"><span style=3D"color:rgb(0,0,0)"><br></span></div><=
div dir=3D"auto"><span style=3D"color:rgb(0,0,0)">Please note that I am not=
 suggesting VDFs as a means to save energy, but solely as a means to make t=
he time between blocks more constant.</span></div><div dir=3D"auto"><span s=
tyle=3D"color:rgb(0,0,0)"><br></span></div><div dir=3D"auto"><span style=3D=
"color:rgb(0,0,0)">Zac</span></div><div dir=3D"auto"><span style=3D"color:r=
gb(0,0,0)"><br></span></div><div><br><div class=3D"gmail_quote"><div dir=3D=
"ltr" class=3D"gmail_attr">On Tue, 18 May 2021 at 12:42, ZmnSCPxj &lt;<a hr=
ef=3D"mailto:ZmnSCPxj@protonmail.com">ZmnSCPxj@protonmail.com</a>&gt; wrote=
:<br></div><blockquote class=3D"gmail_quote" style=3D"margin:0px 0px 0px 0.=
8ex;border-left-width:1px;border-left-style:solid;padding-left:1ex;border-l=
eft-color:rgb(204,204,204)">Good morning Zac,<br>
<br>
&gt; VDFs might enable more constant block times, for instance by having a =
two-step PoW:<br>
&gt;<br>
&gt; 1. Use a VDF that takes say 9 minutes to resolve (VDF being subject to=
 difficulty adjustments similar to the as-is). As per the property of VDFs,=
 miners are able show proof of work.<br>
&gt;<br>
&gt; 2. Use current PoW mechanism with lower difficulty so finding a block =
takes 1 minute on average, again subject to as-is difficulty adjustments.<b=
r>
&gt;<br>
&gt; As a result, variation in block times will be greatly reduced.<br>
<br>
As I understand it, another weakness of VDFs is that they are not inherentl=
y progress-free (their sequential nature prevents that; they are inherently=
 progress-requiring).<br>
<br>
Thus, a miner which focuses on improving the amount of energy that it can p=
ump into the VDF circuitry (by overclocking and freezing the circuitry), co=
uld potentially get into a winner-takes-all situation, possibly leading to =
even *worse* competition and even *more* energy consumption.<br>
After all, if you can start mining 0.1s faster than the competition, that i=
s a 0.1s advantage where *only you* can mine *in the entire world*.<br>
<br>
Regards,<br>
ZmnSCPxj<br>
</blockquote></div></div>

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