Why do proof of work systems ramp up the difficulty of hash solving while keeping latency constant, instead of keeping difficulty constant while nodes compete to reduce latency? The later seems more useful, and not inflationary.
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This is (but one) of the reasons "blockchain" is not a particularly good idea. People want low-latency, high-volume transactions, but the designs of these systems preclude that possibility entirely. They are, by design, not able to do the thing you wanted them to do.
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This was only the first implementation of a timing component that was developed for blockchains, not the state of the art, though. For example, Solana uses verifiable delay functions instead for much smaller (but still verifiable) block timings
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as far as I know PoW is a consensus algorithm... if you refer DDoS by flooding the network with silly transactions, that I think is mainly achieved by the transaction fees...
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PoW isn't actually a consensus algorithm. It already doesn't ensure that for BitCoin, which can fork if two miners come up with a new (valid) block close to the same time, which does happen.
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Blockchain does not imply proof of work.. Bitcoin design combined the two.
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I know? This thread is about proof of work.
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Latency should factor out of the equation, right? I see that Proof of Work makes certain kinds of Denial of Service attacks expensive. But is the dimensionless constant 10 minutes (BTC update rate) divided by 0.3s (global worst case ping time) = 6000 significant?
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Clearly as that number approaches 1, the region of the world that produces the most transactions gains an advantage in building the longest chain soonest.
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I always assumed PoW existed to prove that the whole thing was a practical joke. The resource and energy wastage as a 'feature' instead of a bug should be a clue nobody was ever expected to USE such a stupid system.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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That has nothing to do with transaction latency. That's only for the duration of the "issuance", which is not what we were talking about. Everyone knows (or at least, Tim would obviously know) the point of rate limiting _additions_ of currency.
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