Bitcoin Forum
November 16, 2018, 01:16:19 PM *
News: Latest Bitcoin Core release: 0.17.0 [Torrent].
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: What happens when block generation becomes too slow?  (Read 14031 times)
gkelly
Newbie
*
Offline Offline

Activity: 7
Merit: 0


View Profile
April 10, 2010, 05:34:09 PM
 #1

As the proof-of-work problem becomes increasingly more difficult the interval between block generation increases exponentially. What happens when the number of transactions in the system outpaces the block generation rate? Won't we be in the situation where we can no longer grow the block chain fast enough to include all of the ongoing transactions in blocks? If I've misunderstood something from the paper or the code please chime in and correct me, because I'm a touch worried about the future of the currency. Tongue
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1542374179
Hero Member
*
Offline Offline

Posts: 1542374179

View Profile Personal Message (Offline)

Ignore
1542374179
Reply with quote  #2

1542374179
Report to moderator
1542374179
Hero Member
*
Offline Offline

Posts: 1542374179

View Profile Personal Message (Offline)

Ignore
1542374179
Reply with quote  #2

1542374179
Report to moderator
theymos
Administrator
Legendary
*
Offline Offline

Activity: 3206
Merit: 3932


View Profile
April 10, 2010, 06:29:27 PM
 #2

The network adjusts the difficulty so that roughly 6 blocks are created network-wide every hour. Each block can contain lots of transactions.

1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
sirius
Bitcoiner
Sr. Member
****
Offline Offline

Activity: 429
Merit: 252



View Profile
April 10, 2010, 08:02:14 PM
 #3

If the network grows very large and that makes it difficult to get your transaction into a block for free, you can make it happen faster by paying a small transaction fee to the node that puts your transaction into the block chain. Bitcoin supports this functionality.

Identifi - Decentralized address book with trust ratings
I'm not a forum admin - please contact theymos instead.
gkelly
Newbie
*
Offline Offline

Activity: 7
Merit: 0


View Profile
April 10, 2010, 10:30:49 PM
 #4

The network adjusts the difficulty so that roughly 6 blocks are created network-wide every hour. Each block can contain lots of transactions.

But http://bitcoin.org/faq#How_are_new_Bitcoins_created indicates that the difficulty of the POW is increased to halve the block production rate every 4 years. Since this asymptotically approaches 0, it seems problematic. If the rate was a constant 6 blocks/hour then it wouldn't be an issue, but the FAQ suggests otherwise.

Quote from: sirius-m
If the network grows very large and that makes it difficult to get your transaction into a block for free, you can make it happen faster by paying a small transaction fee to the node that puts your transaction into the block chain. Bitcoin supports this functionality.

This is true. However, if the POW problem is hard enough that even paying transactions have to queue indefinitely for inclusion in a block then they're no better off than those transactions that are included for free in the block (and have to queue for inclusion regardless).
theymos
Administrator
Legendary
*
Offline Offline

Activity: 3206
Merit: 3932


View Profile
April 11, 2010, 05:45:10 AM
 #5

The number of coins created per block is halved every 4 years, not the number of blocks created. 50 coins are created per block now. When we reach about 200,000 blocks, each block will be worth 25 coins. After another 200,000 blocks (4 years), each block will be worth 12.5 coins.

1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
Roger99
Newbie
*
Offline Offline

Activity: 196
Merit: 0


View Profile
January 29, 2018, 01:17:28 AM
 #6

As proof-of-work problems become increasingly difficult, the interval between block generation increases exponentially. What happens when the number of transactions in the system exceeds the block generation level? Are not we in a situation where we can no longer grow a chain of blocks fast enough to include all the ongoing transactions on the block? If I misunderstand something from paper or code please chime and correct me, because I worry about the future of the currency.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!