Published on: 2017-10-19T13:41:51+00:00
Blockchains that produce blocks quickly often face reduced security due to a high stale rate. This is because the time it takes for a block to propagate through the network can result in another miner mining a block before the first one reaches them, thus impacting network security. Additionally, if a mining pool with a higher hash power produces blocks quickly, they are more likely to have a higher risk of producing stale blocks compared to other miners.Reducing the average block time may require adjusting the block size accordingly to prevent the blockchain from growing too fast or transaction fees from decreasing, which could be exploited by spammers to bloat UTXO sets. One proposed solution to address the downsides of faster blocks is the "Greedy Heaviest Observed Subtree" (GHOST) protocol.The author questions the benefits of faster blocks for Bitcoin and seeks valid points on why the current 10-minute block time is considered optimal, apart from the idea of not fixing something that isn't broken. Adán Sánchez de Pedro Crespo, the CTO of Stampery Inc., shares this perspective.Satoshi Nakamoto, the creator of Bitcoin, chose the 10-minute block time as a compromise between confirmation time and wasted work caused by chain splits. However, there may be room for optimization in this number considering technological advancements and the absence of a definitive formula to determine the ideal rate.Jonathan Sterling ponders if further exploration into this matter is warranted and provides links to relevant articles for reference. He welcomes guidance if his understanding is flawed.
Updated on: 2023-08-01T22:03:03.425292+00:00