Author: Mark Friedenbach 2015-08-07 23:01:05
Published on: 2015-08-07T23:01:05+00:00
The discussion revolves around the issue of the time interval between blocks in the Bitcoin network. The lightning network or green address-style payment escrow can eliminate the need for short inter-block times, but there is a risk of channels being exhausted in the time between blocks with lightning, which can cause the need for new channels to be established. Larger SPV proofs and selfish mining are also factors that need to be considered before justifying more frequent blocks. The importance of seconds as a time scale is emphasized, and the need for some variant of multisignature notaries (such as Greenaddress.it or the lightning network) is suggested for assurance of doublespend protection from the time of publication of the transaction to the first block confirmation. While minutes may seem trivial, seconds are crucial in this context.
Updated on: 2023-06-10T18:51:20.000428+00:00