Is that even technically possible?
I don't remember in my time on the forum having read anything similar, nor outside of it either, contrary to the block size debate that led to the blocksize wars.
It doesn't seem a bad idea, but we would have to see if it is feasible, and if so, how much the time could be reduced, as half the time doesn't seem enough for the current attack, not for a massive worldwide adption of people paying in the main chain.
Topic: What are the effects of lowering the average Bitcoin block confirmation time? - page 2. (Read 222 times)
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May 09, 2023, 11:36:08 PM
May 09, 2023, 10:46:50 PM
Apart from the purging of low fee transactions from the mempool, would reducing the average block confirmation time help clear up the mempool and try to keep the average transaction fees lower?
I'm not really a technical guy, but if I were to calculate based on a common man's understanding,
If the average block confirmation is being reduced, let's say, for instance, from 4000transaction per block every 10 minutes to 4000 per block every 5 minutes. This will speed up the clearing of more transactions in less time and, as such, pave the way for other transactions to be executed if the transaction completion time is faster and more blocks are being covered than usual. Then there will be a less unconfirmed transaction, which will equally reduce the work load on miners and, as such, won't require others to pay more in order for their transaction to be upfront. Yes, it will actually reduce the fee charged per transaction.
May 09, 2023, 07:52:55 PM
I don't know if this has been discussed before, However let me ask here for some clarity.
Given the current overload of the mempool with around 400K unconfirmed transactions. A scenario came up in my mind where there are over 200K transactions being broadcasted in the network per hour due to an increase in adoption with different Countries using it as recognized payment method. The ~4K transactions per block which get confirmed approx every 10 minutes currently wouldn't help that much in such a scenario.
Apart from the purging of low fee transactions from the mempool, would reducing the average block confirmation time help clear up the mempool and try to keep the average transaction fees lower?
Do you think such a thing can be implemented in the current situation where Ordinals are messing up the network big time?
What are the negative effects of lowering the average block confirmation time?
Given the current overload of the mempool with around 400K unconfirmed transactions. A scenario came up in my mind where there are over 200K transactions being broadcasted in the network per hour due to an increase in adoption with different Countries using it as recognized payment method. The ~4K transactions per block which get confirmed approx every 10 minutes currently wouldn't help that much in such a scenario.
Apart from the purging of low fee transactions from the mempool, would reducing the average block confirmation time help clear up the mempool and try to keep the average transaction fees lower?
Do you think such a thing can be implemented in the current situation where Ordinals are messing up the network big time?
What are the negative effects of lowering the average block confirmation time?
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