Hi everyone, I've read Satoshi Nakamoto's paper, and I have a concern
on the increasing computation cost of transactions.
If every transaction is verified by a miner, and mining is to be
more and more computationally intensive.. will it reach
a point where transactions would take huge amounts
of time?
Only mining a block has increasing computation costs. The cost of validating transactions isn't high at all. Mining works like this:on the increasing computation cost of transactions.
If every transaction is verified by a miner, and mining is to be
more and more computationally intensive.. will it reach
a point where transactions would take huge amounts
of time?
1) Sync to the network's block chain.
2) Sync pending transactions.
3) Form a block body, including whatever valid transactions you want.
4) Try to mine that block by finding a header for that body. <- hard part
The protocol is designed to adjust the difficulty so that on average a block is created every ten minutes. So the rate at which transactions can be committed and verified shouldn't change.
