How to achieve instant payments in Bitcoin-like cryptocoins

[Sergio_Demian_Lerner]

Here is my last article regarding how a PoW base cryptocoin can achieve a 25 second confirmation time using a 5-second block interval, and still keeping the coin safe from stale blocks and competing chains.

http://bitslog.wordpress.com/2014/02/17/5-sec-block-interval/


I think this is the first time such a short block intervals is studied. The techniques I used are not new, but I've managed to simulate the network and convince myself that it actually works quite fine.

I'd love to hear comments...

[Kreigyr]

The biggest issue is that these incredibly short block intervals will lead to tons and tons of orphaned blocks. Network speed/latency will become a pool's limiting factor, not hashrate.

[DannyHamilton]

The biggest issue is that these incredibly short block intervals will lead to tons and tons of orphaned blocks. Network speed/latency will become a pool's limiting factor, not hashrate.

So you are saying that he is lying when he says:

-snip-
still keeping the coin safe from stale blocks and competing chains.
-snip-

[MarketNeutral]

Looking forward to Nimblecoin.

As always, a Sergio_Demian_Lerner thread gives me pause to ponder and learn something new.

[Sergio_Demian_Lerner]

The biggest issue is that these incredibly short block intervals will lead to tons and tons of orphaned blocks. Network speed/latency will become a pool's limiting factor, not hashrate.

So you are saying that he is lying when he says:

-snip-
still keeping the coin safe from stale blocks and competing chains.
-snip-

Well, I cannot claim that I implemented the whole thing, bought 60K servers around the globe, and tested it.
What I'm saying is that I simulated it, and it seems to work.

Simulations of LiteCoin and Bitcoin agree with the empirical evidence of stale block rate, so I suppose the simulation of FastCoin5 is correct too.

[drrussellshane]

Get 'em, Sergio!

[Kreigyr]

The biggest issue is that these incredibly short block intervals will lead to tons and tons of orphaned blocks. Network speed/latency will become a pool's limiting factor, not hashrate.

So you are saying that he is lying when he says:

-snip-
still keeping the coin safe from stale blocks and competing chains.
-snip-

I'm saying it's of limited bearing. A better claim would be that it "keeps the coin as safe from stale blocks and competing chains as possible." The blocks still need to propagate, there will still be competing chains, and because of the short block time, network latency becomes a big overhead.

EDIT: Sorry my first statement; it was made rather quickly after only glancing through the entry, but my thought stands.