Timeline for Why was the target block time chosen to be 10 minutes?
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| Sep 27, 2019 at 17:22 | comment | added | Shelby Moore III | @Murch, did SegWit reduce the average block size by a factor of 10? If not, then presumably the data you’re citing isn’t addressing my point. I do understand now (not that I did in 2016 when I wrote that answer) that shorter block times also increase asymmetric advantages for coalitions of hashrate such as pools which see their winning blocks instantly (no propagation delay). So excessive orphans could be selfish mining in action. Note Ethereum’s variant of GHOST is a partial solution to some of that. | |
| Sep 24, 2017 at 4:53 | comment | added | Murch♦ | Since practically all miners are connected to Fibre and published data suggest that it's just slightly slower than speed of light, <1 second is not a difficult claim to make… However, the most significant impact this year was probably that miners upgraded to a recent version of Bitcoin Core to signal for the segwit activation. Earlier this year, we were still seeing multiple orphaned blocks per week. A blocktime of e.g. 60 seconds would have regressed us back to multiple orphaned blocks per day. Since the data is there to look at, it's puzzling that you seem to deny the effect. | |
| Sep 24, 2017 at 4:35 | history | edited | Shelby Moore III | CC BY-SA 3.0 |
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| Sep 24, 2017 at 4:31 | comment | added | Shelby Moore III | @Murch, I wrote that answer a few days or weeks after initiating my study of blockchains, cryptography, and Bitcoin. My views have changed considerably hence. However, presuming the transaction volume per block is reduced given a higher block frequency, your claim of constant propagation & verification time isn’t correct. Craig Wright has claimed the Bitcoin network propagates to 99% of the hashrate within roughly a second. | |
| Jan 12, 2017 at 15:39 | comment | added | Murch♦ | This answer is disregarding the time cost incurred by block transmission and block verification. Since that time is a roughly fixed amount for a full block, it is a larger relative portion of a shorter block interval than a longer block interval. | |
| Mar 20, 2013 at 18:28 | history | edited | Shelby Moore III | CC BY-SA 3.0 |
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| Mar 20, 2013 at 12:16 | history | answered | Shelby Moore III | CC BY-SA 3.0 |