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Offline Riverhead

10 Second blocks but 5 Second Transactions?
« on: August 23, 2014, 04:03:48 AM »

The block time is 10 seconds but on average you're going to be half way to the time of the next block. What am I missing?

Offline bytemaster

Re: 10 Second blocks but 5 Second Transactions?
« Reply #1 on: August 23, 2014, 04:16:30 AM »
You are right on!
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Riverhead

Re: 10 Second blocks but 5 Second Transactions?
« Reply #2 on: August 23, 2014, 04:17:29 AM »
There's a marketing bit in here somewhere.

Offline liondani

Re: 10 Second blocks but 5 Second Transactions?
« Reply #3 on: August 23, 2014, 04:25:16 AM »
Could you ever imagine average transaction times of 5 secs.
with the security that gives bitcoin with 6 confirmations in 1 hour?

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Offline bytemaster

Re: 10 Second blocks but 5 Second Transactions?
« Reply #4 on: August 23, 2014, 04:29:36 AM »
There's a marketing bit in here somewhere.

I guess if we want to compare relative security I think it is safe to say:

BTSX average confirmation time 5 seconds to 8 minutes.  (1 block to 51 blocks)
BTC average confirmation time 1 hour to 20 hours  (6 blocks to 120 blocks)
NXT average confirmation time 10 minutes to 12 hours
  10 confirmations is recommended for small amounts, 720 confirmations - for big ones.

For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Riverhead

Re: 10 Second blocks but 5 Second Transactions?
« Reply #5 on: August 23, 2014, 04:36:33 AM »
  10 confirmations is recommended for small amounts, 720 confirmations - for big ones.


That explains their deadline to fork or not. I don't doubt the hacker was using that block count like an eBay timer.

Offline bytemaster

Re: 10 Second blocks but 5 Second Transactions?
« Reply #6 on: August 23, 2014, 04:40:21 AM »
There's a marketing bit in here somewhere.

I guess if we want to compare relative security I think it is safe to say:

BTSX average confirmation time 5 seconds to 8 minutes.  (1 block to 51 blocks)
BTC average confirmation time 1 hour to 20 hours  (6 blocks to 120 blocks)
NXT average confirmation time 10 minutes to 12 hours
  10 confirmations is recommended for small amounts, 720 confirmations - for big ones.

It would be interesting to know how 1 BTC confirmation compares to 1 Nxt vs 1 DPOS.  I don't know if 10 minutes equals 1 or 6 BTC confirmations. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Riverhead

Re: 10 Second blocks but 5 Second Transactions?
« Reply #7 on: August 23, 2014, 04:43:15 AM »
It would be interesting to know how 1 BTC confirmation compares to 1 Nxt vs 1 DPOS.  I don't know if 10 minutes equals 1 or 6 BTC confirmations.


The thing I love about DPOS is you know quite well who is submitting the block. The block is either signed by a delegate or it's not. Much more reliable (less confirmations) than some random miner.

Offline yellowecho

Re: 10 Second blocks but 5 Second Transactions?
« Reply #8 on: August 23, 2014, 08:13:08 PM »
It would be interesting to know how 1 BTC confirmation compares to 1 Nxt vs 1 DPOS.  I don't know if 10 minutes equals 1 or 6 BTC confirmations.


The thing I love about DPOS is you know quite well who is submitting the block. The block is either signed by a delegate or it's not. Much more reliable (less confirmations) than some random miner.

I like it too.. feels better and more secure like someone is doing their job and can be held responsible  ;D
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