Author: Zac Greenwood 2021-05-18 10:16:01
Published on: 2021-05-18T10:16:01+00:00
In a recent bitcoin-dev thread, VDFs (Verifiable Delay Functions) were discussed as a possible solution to reducing variation in block times. The idea is to have a two-step PoW process where a VDF takes 9 minutes to resolve, followed by the current PoW mechanism with lower difficulty so that finding a block takes an average of 1 minute. VDFs are subject to difficulty adjustments similar to the current PoW difficulty adjustments and miners can show proof of work through this process. The use of VDFs would eliminate parallelism and reduce the need for ever-increasing energy consumption. However, there are concerns that VDFs may still fail at their intended task due to ways to increase sequential speed, such as overclocking or using lower temperatures, which could lead to more energy consumption. Ultimately, the discussion highlights the ongoing need to find sustainable solutions for mining and energy consumption in the cryptocurrency space.
Updated on: 2023-06-14T21:25:27.557605+00:00