Author: Tom Harding 2015-02-09 13:37:39
Published on: 2015-02-09T13:37:39+00:00
Peter Todd has provided feedback on a proposal that aims to reduce the confirmation time of Bitcoin transactions from the current 10 minutes to around 30 seconds. Todd expressed concerns about the assumptions made in the proposal, stating that seeing or not seeing a transaction does not guarantee its validity. The author of the proposal responded by stating that it develops local rules that result in a desirable outcome for the network. The proposal addresses two specific attacks, but the author is open to learning about new ones and flaws in existing treatments. Todd raised concerns about punishing miners who do not have perfect connectivity, which he believes is unattainable in a decentralized system. The author argued that building from unavoidable imperfections is necessary when dealing with physical reality. Todd also stated that the proposal makes it easier to pull off single-confirm double-spend attacks and puts more people at risk. However, the author disagreed, arguing that the proposal stops most Finney attacks. The proposal suggests that transactions mature for around 15 to 30 seconds before mining them.
Updated on: 2023-06-09T16:42:05.547732+00:00