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Author Topic: Idea to eliminate problem fees and unconfirmed transactions  (Read 43 times)
Hypeicogn
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December 24, 2017, 11:52:44 AM
 #1

Hello everyone, I would like to know if technically (ie at the code level) I'm saying a bullshit absurd or not.
My idea is, instead of increasing the size of the block, to change the algorithm for example in cryptonote in such a way that it can be undermined by everyone and therefore that more blocks are found and transactions are confirmed faster.
I would like to know here if I'm saying a bullshit or not.
Thank you.
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December 24, 2017, 12:00:53 PM
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Reducing the block time will lead to many more orphaned blocks, and it will make the bitcoin blockchain grow exponentially.
Bitcoin's 10 minute block time is a compromise between security and speed.

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December 24, 2017, 01:30:08 PM
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.. and therefore that more blocks are found and transactions are confirmed faster ..

The whole point in confirmations is to have a proof-of-work accomplished.
The work accomplished in a specific timeframe stays the same. Whether you have 1 block / 10 mins or 5 blocks / 10 mins.
If, for example, there are now 5 blocks / 10 mins instead of 1, those 5 blocks would have 20% of the 'work' of a current block, each.

Satoshi recommended to wait for 6 confirmations until regarding a transactions as securely finished.
If there would be 5 x more block sin the same timeframe, you would have to wait for 30 confirmations until the same level of security is reached.

The only advantage would be to have the 1st confirmation faster.. but again.. this first confirmation would be 'less worth' (in terms of security) than currently.

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