3. Reduce Confirmation Times
WCF Technical team has reviewed how best to implement the proposed reduced confirmation times for staking, currently confirmation times for staking coins is at approx. 340 confirmations. As many of the community has already voiced its opinion on reducing these times, the WCF will utilize the bounty collected at WUET4WgYwz4HLx54faKYyRWMNbfa6K5gjj with a balance of 367,196 WC, to modify the code so that staking coins will only require 30 confirmations. What this will accomplish is speeding up our staking times making it over 10X faster than it is today! The only “downfall” which doesn’t present much risk is that Whitecoin will require a fork which means that all exchanges, block explorers, partners and wallets will have a mandatory update. Prior to any release, we would ensure that our partners (exchanges, Shair etc.) have all been coordinated for this fork, to minimize any down time for services that are dependent upon Whitecoin.
As we have a standing bounty value of 367,196 WC, therefore we are prepared to begin development (with payment to WC Development Team upon successful deployment of code into production), next week where we will be providing updates to the community as the development progresses through its various development stages.
Just wanting to raise this and make some clarifications.
My understanding of Reduced confirmations times was that we speed up the blockchain, increasing the number of blocks per minute the effect of doing this would decrease staking times but also have the added effect of decreasing all transaction confirmation times.
For example currently theres a block every 90 seconds, if this went down to 30 or 15 seconds we would make staking times 1/3 - 1/6 respectively and would also mean that any standard transaction would be confirmed in 2 - 1 minutes instead of the current 6 minute confirmation.
Is that what others expect from the Reduced confirmations project?
