LogicallyMinded on Nostr: I think I understand why the 10 blocks lock time exists but there are other consensus ...
I think I understand why the 10 blocks lock time exists but there are other consensus mechanisms such as avalanche that allow for fast finality and some blockchains that were 100% POW have evolved to an hybrid mechanism (#eCash, #Zano) which resulted in faster finality. There are probably technical challenges in implementing those on a private #blockchain that I don’t understand. However, it doesn’t seem infeasible as Zano did it. Now, there may be trade-off I’m not aware of. Anyway, if #Monero can keep POW and have faster finality that’s all good but I don’t know of any POW blockchains that have really fast finality (sub ten seconds). Again, I’m looking at this issue from the perspective of being the best medium of exchange and blockchains with long finality time can’t be best MoE for in-person transaction (not so much of an issue for online transactions).
Published at
2024-08-30 20:30:59Event JSON
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"content": "I think I understand why the 10 blocks lock time exists but there are other consensus mechanisms such as avalanche that allow for fast finality and some blockchains that were 100% POW have evolved to an hybrid mechanism (#eCash, #Zano) which resulted in faster finality. There are probably technical challenges in implementing those on a private #blockchain that I don’t understand. However, it doesn’t seem infeasible as Zano did it. Now, there may be trade-off I’m not aware of. Anyway, if #Monero can keep POW and have faster finality that’s all good but I don’t know of any POW blockchains that have really fast finality (sub ten seconds). Again, I’m looking at this issue from the perspective of being the best medium of exchange and blockchains with long finality time can’t be best MoE for in-person transaction (not so much of an issue for online transactions).",
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