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To: Mike Brooks <m@ib.tc>,
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Cc: Mike Brooks <f@in.st.capital>
Subject: Re: [bitcoin-dev] Floating-Point Nakamoto Consensus
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>=C2=A0 At this point very little is stopping us from speeding up block cre=
ation times. PoS networks are proving that conformations can be a minute or=
less - why not allow for a block formation time that is 6 or 12 times fast=
er than the current target and have 1/6th (or 1/12th) of the subsidy to kee=
p an identical inflation target.
What?
That is surprising information to me.
My understanding is that speeding up block creation times is highly risky d=
ue to increasing the tendency to "race" in mining.
The average time to propagate to all miners should be negligible to the ave=
rage inter-block time.
Efforts like compact blocks and FIBRE already work at the very edges of our=
capability to keep the propagation time negligible.
Indeed, looking forward, part of my plans for Earth-based civilization invo=
lves sending out hapless humans into space and forcing them to survive ther=
e, thus the inter-block time may need to be *increased* in consideration of=
interplanetary communications times, otherwise Bitcoin would dangerously c=
entralize around Earth, potentially leading to the Universal Century and aw=
esome giant robot battles.
(Hmmm, on the one hand, centralizing around Earth is dangerous, on the othe=
r hand, giant robots, hmmm)
"PoS" networks mean nothing, as most of them are not global in the scale th=
at Bitcoin is, and all of them have a very different block discovery model =
from proof-of-work.
In particular, I believe there is no "racing" involved in most PoS schemes =
in practice.
>
> =E2=80=A6 The really interesting part is the doors that this patch opens.=
Bitcoin is the best network, we have the most miners and we as developers =
have the opportunity to build an even better system - all with incremental =
soft-forks - which is so exciting.
Changing inter-block times is not possible as a softfork, unless you are pl=
anning to (ab)use the timewarp bug, which I believe was proposed by maaku7 =
before.
My understanding is that the preferred approach would be to close the timew=
arp bug, in which case increasing the block rate would not be doable as a s=
oftfork anymore.
Regards,
ZmnSCPxj
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