Bitcoin Forum
December 11, 2016, 02:19:54 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Startup is making a 10 second/block fork. Possible or not?  (Read 1120 times)
JohnDoe
Sr. Member
****
Offline Offline

Activity: 392



View Profile
September 03, 2011, 12:13:43 AM
 #1

http://www.freicoin.org/implementations-details-and-bounty-7-3-btc-t13.html#p137

Thoughts?
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481465994
Hero Member
*
Offline Offline

Posts: 1481465994

View Profile Personal Message (Offline)

Ignore
1481465994
Reply with quote  #2

1481465994
Report to moderator
Syke
Legendary
*
Offline Offline

Activity: 2100


View Profile
September 03, 2011, 12:19:05 AM
 #2

10 second blocks will be mayhem.

Buy & Hold
CoinHunter
Sr. Member
****
Offline Offline

Activity: 252



View Profile
September 03, 2011, 12:29:01 AM
 #3

10 second blocks will be mayhem.

Yeah, due to network conditions 10s won't be enough and you'll get forks of serious length creating very often. But who says you need to know what you're doing to try something? Smiley

Try SolidCoin or talk with other SolidCoin supporters here SolidCoin Forums
FlipPro
Legendary
*
Offline Offline

Activity: 1386



View Profile WWW
September 03, 2011, 12:41:17 AM
 #4

Wont work..

Solidcoins Algorithm + Freicoins demurrage = GG to Bitcoins current economic model.

Tweet For Coins http://uptweet.com
Oldminer
Legendary
*
Offline Offline

Activity: 1022



View Profile
September 03, 2011, 12:44:15 AM
 #5

People will mine whatever turns a profit. The market will determine what currency succeeds.

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
Tip me BTC: 1FBmoYijXVizfYk25CpiN8Eds9J6YiRDaX
smoothie
Legendary
*
Offline Offline

Activity: 1848


LEALANA Monero Physical Silver Coins


View Profile
September 03, 2011, 12:49:56 AM
 #6

People will mine whatever turns a profit. The market will determine what currency succeeds.

+1 lol agreed.

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
FlipPro
Legendary
*
Offline Offline

Activity: 1386



View Profile WWW
September 03, 2011, 12:51:05 AM
 #7

People will mine whatever turns a profit. The market will determine what currency succeeds.
I just don't see how we can put buying/investing pressure on people if we don't have some sort of incentive to spend.

The only way to put pressure is either by printing more money (inflation) or giving a cut of lost/stored coins right back into the miners pockets (demmurage).
I must admit this concept of demmurage on a digital currency is a radically different concept. Normally when people talk about demmurage they are talking about giving money to a "third" party to keep their money safe from going missing. Instead of giving this money to the banks/stores/and any other third party entity, with a demmuragecoin we would be giving the money right back to the miners, literally fueling our economy, and never loosing a single coin.

And in the end it will still have the deflationary properties of Bitcoins that people seem to love so much, but it will come with a price.

It's a win, win for everyone.

Tweet For Coins http://uptweet.com
ThomasV
Legendary
*
Offline Offline

Activity: 1722



View Profile WWW
September 03, 2011, 09:42:53 AM
 #8

10 second blocks will be mayhem.

Yeah, due to network conditions 10s won't be enough and you'll get forks of serious length creating very often. But who says you need to know what you're doing to try something? Smiley


hey, Coinhunter said something that actually makes sense!

wait... isn't it exactly what was said about Solidcoin's 3 minutes confirmations ?
it looks like he knows how to recycle arguments :-)

Electrum: the convenience of a web wallet, without the risks
smoothie
Legendary
*
Offline Offline

Activity: 1848


LEALANA Monero Physical Silver Coins


View Profile
September 03, 2011, 09:43:53 AM
 #9

10 second blocks will be mayhem.

Yeah, due to network conditions 10s won't be enough and you'll get forks of serious length creating very often. But who says you need to know what you're doing to try something? Smiley


hey, Coinhunter said something that actually makes sense!

wait... isn't it exactly what was said about Solidcoin's 3 minutes confirmations ?
it looks like he knows how to recycle arguments :-)

+1

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.        SMOOTHIE'S HEALTH AND FITNESS JOURNAL          History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
sd
Hero Member
*****
Offline Offline

Activity: 730



View Profile
September 03, 2011, 02:41:32 PM
 #10


It won't work assuming the setup is the same as BitCoin. With the right re-engineering it could work.

People on here are quick to condemn the idea as bad solely on the assumption that this project will be a BitCoin copy-and-paste job like IO/IX/Solid. Just maybe there are some new ideas here.
JohnDoe
Sr. Member
****
Offline Offline

Activity: 392



View Profile
September 03, 2011, 03:10:37 PM
 #11

Maaku's response on the Freicoin forum:

Quote
On 10 second rounds:

In the past two months there have been 15 reorgs of the blockexplorer.com data-collection node. Assuming that a fork of the block chain resulted in only two branches, and that blockexplorer.com had just a 50% chance of selecting the “correct” branch, that means there has been 30 forks of the block chain in the last two months. That's 30 out of 8928 blocks for July and August, or about 0.336% chance for a given block. Now assuming that the network was not subject to malicious action during this time*, that means that in those 30 instances two blocks were generated close enough in time to be within the network latency. Or put differently, we can calculate the network latency of the current, existing bitcoin network to be: 10min/0.336% = 2.02 seconds.

*If it was, that would only lower the resulting latency.

Extrapolating into the future, we can expect this number to go down, not up. That may be somewhat counter-intuitive, but what we are seeing now is the worst-case possibility. The bitcoin peer-to-peer overlay is not optimized, at all. It is also conceivable that when a crypto-currency goes mainstream, we may see the emergence of fiber-optically connected payment processing nodes that can relay blocks and transactions to disparate parts of the network very quickly.

Further, it's not very clear that an increase in the number of forks would even been an issue. Bitcoin has defenses built into the protocol for resolving such conflicts. It is only when the probability of a split exceeds 50% that the block chain becomes divergent. On the current bitcoin network, that means round times must be no shorter than 4 seconds.

10 seconds is more than twice that lower limit, and as I said that limit will only get *smaller* as the network gets smarter.


more to come...

Maybe he is on to something?
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!