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 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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Delay functions themselves don't solve the problem, they detect the problem. It's old fashioned PAXOS that solves this problem, or put more bluntly, "implementing transactions the same way banks already do: with fault-tolerant synchronization." From the Solana paper:pic.twitter.com/QLWF96fSbX
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This is why you then end up with ridiculous stuff like Lightning Network, which builds a "assume people notice bad transactions in a few days" system on top of bitcoin, because that's the only way they could figure out to get it to scale :(
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Applying new layers on top of a traffic jam.
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To me, the value of blockchain is not the potential for low-latency, high-volume transactions: it's global network state not controlled by an entity with incentive & ability to exploit users.
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That could have been mostly done with co-cops and existing tech -- but we're seeing more traction + progress for these ideas in blockchain (i.e. DAOs) than we've seen in the last 20+ years of tech coop attempts, as far as I can tell. (not a Bitcoin thing to be fair)
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Does proof of stake help with that or are the same considerations still preventing these things?
Thanks. Twitter will use this to make your timeline better. UndoUndo
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