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Title: saturation Post by: Marco2 on June 29, 2011, 05:17:41 PM Hi everyone, I've read Satoshi Nakamoto's paper, and I have a concern
on the increasing computation cost of transactions. If every transaction is verified by a miner, and mining is to be more and more computationally intensive.. will it reach a point where transactions would take huge amounts of time? Thanks. Title: Re: saturation Post by: JoelKatz on June 29, 2011, 05:31:16 PM Hi everyone, I've read Satoshi Nakamoto's paper, and I have a concern Only mining a block has increasing computation costs. The cost of validating transactions isn't high at all. Mining works like this:on the increasing computation cost of transactions. If every transaction is verified by a miner, and mining is to be more and more computationally intensive.. will it reach a point where transactions would take huge amounts of time? 1) Sync to the network's block chain. 2) Sync pending transactions. 3) Form a block body, including whatever valid transactions you want. 4) Try to mine that block by finding a header for that body. <- hard part The protocol is designed to adjust the difficulty so that on average a block is created every ten minutes. So the rate at which transactions can be committed and verified shouldn't change. |