Author: ZmnSCPxj 2021-05-18 10:42:49
Published on: 2021-05-18T10:42:49+00:00
VDFs (Verifiable Delay Functions) could potentially enable more constant block times by using a two-step PoW. In this system, miners would use a VDF that takes around 9 minutes to resolve. This VDF would be subject to difficulty adjustments similar to the current PoW mechanism. Miners would then use the current PoW mechanism with lower difficulty to find a block in an average of 1 minute, also subject to difficulty adjustments.Using VDFs in this way would greatly reduce the variation in block times. However, one weakness of VDFs is that they are not inherently progress-free. Therefore, a miner who focuses on improving the amount of energy they can pump into the VDF circuitry through overclocking and freezing could potentially gain an advantage, leading to even worse competition and energy consumption.If a miner can start mining just 0.1s faster than their competition, they have a unique advantage where only they can mine in the entire world.
Updated on: 2023-06-14T20:47:23.951450+00:00