The LTB Network Forum

Reducing block time

Back to Bitcoin & Beyond

Comments

phantom

Offline
Posts: 12
Location: Kentucky

I have thought about this before but never posted it. To speed the pace of confirmations on a transaction could/would the bitcoin network change the block time? Currently the block time is 10min if currently it takes 60 min to get 5 confirmations required by the vendor we could cut the time almost in half. How would we half the time for confirmations by setting the block time to 5min and reducing block rewards by 50% and doubling the distance between reward halving (every 100 blocks instead of 50(i know that is not the distance)).

If this were to be done I would think it would be best to implement at the time of reward halving.

Does anyone see any issues with doing this to speed up the network?

Posted on August 22, 2014 at 10:51 AM

0 likes

• CrimsonRoze

  

  Offline
  Posts: 295
  Location: Göteborg, Sweden

  If you do, then the vendors will ask how many blocks are now needed to aquire the same security as before, and will wait for twice as many blocks compared to today. The number of blocks or speed of the blocks are not a measure of security, block difficulty * number of blocks on top is.

  Half the time needed, and block difficulty will be halved as well, and the end result is that you would still need to same amount of "time" to pass to aquire similar security.

  Posted on August 22, 2014 at 11:00 AM
  Permalink
  0 likes
• Cryptonaut

  

  Offline
  Posts: 1944
  Location: Canada

  this would require a hard fork and like crimsonroze mentioned, it just means you need more confirmations for the same level of security. Faster block times is basically the main feature of a lot of alt-coins such as Litecoin

  Posted on August 22, 2014 at 11:06 AM
  Permalink
  0 likes
• Hesham_3del

  

  Offline
  Posts: 661
  Location: Cairo, Egypt

  Thread moved to "Bitcoin & General"

  Posted on August 22, 2014 at 11:45 AM
  Permalink
  0 likes
• phantom

  

  Offline
  Posts: 12
  Location: Kentucky

  Yes I could see vendors deciding that they need to wait for 20 confirmations before accepting it over 10 confirms. If paying with BTC and a vendor only wants to wait for one confirm before letting you leave with the goods it will happen twice as fast.

  Also its arguably that the network would be more secure by halving the block time and leaving the settings for adjusting difficulty. The reason being is if a large pool decides to try and attack the network by not contributing to the network for one whole adjustment period and then as soon as the difficulty drops dumping all of its hashing power into and attack.

  On top of that we would know about a chain fork earlier with shorter block times.

  Posted on August 22, 2014 at 12:00 PM
  Permalink
  0 likes

Post Reply