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What Is Block Time Ethereum

The Mystery Behind Blocktime

The Mystery Behind Blocktime

Identity Evangelist, Author, Blogger, Developer, Blockchain Enthusiast, Senior Director of Security Architecture at WSO2, Apache WS Committer, Axis PMC Member Block time defines the time it takes to mine a block. Both in bitcoin blockchain and ethereum blockchain, there is an expected block time, and an average block time. In bitcoin, the expected block time is 10 minutes, while in ethereum it is between 10 to 19 seconds. Both bitcoin and ethereum, at the time of this writing use a proof of work based distributed consensus algorithm (ethereum is planned to move to a proof of stake based algorithm with its serenity release). The expected block time is set at a constant value to make sure, miners cannot impact the security of the network by adding more computational power. The average block time of the network is evaluated after n number of blocks, and if it is great than the expected block time, then the difficulty level of the proof of work algorithm will be reduced, and if it is less than the expected block time then the difficulty level will be increased. Thats the core design principle behind block time, but you will see as we proceed, how bitcoin and ethereum differentiate themselves from each other. The level of difficulty varies with the time, as per the following formula. It tries to evaluate the speed of the mining network and find out how much it deviates from the expected level. The expectation is to mine a block in 10 minutes. For example, if the average speed of mining the last 2016 blocks is 8 minutes then the new difficulty factor will be greater than one, so the current difficulty level will be increased. In case the average is above 10 minutes, then the factor will be less than 1 and the difficulty level will be decreased for the next 2016 blocks. The d Continue reading >>

Toward A 12-second Block Time

Toward A 12-second Block Time

One of the annoyances of the blockchain as a decentralized platform is the sheer length of delay before a transaction gets finalized. One confirmation in the Bitcoin network takes ten minutes on average, but in reality due to statistical effects when one sends a transaction one can only expect a confirmation within ten minutes 63.2% of the time; 36.8% of the time it will take longer than ten minutes, 13.5% of the time longer than twenty minutes and 0.25% of the time longer than an hour. Because of fine technical points involving Finney attacks and sub-50% double spends , for many use cases even one confirmation is not enough; gambling sites and exchanges often need to wait for three to six blocks to appear, often taking over an hour, before a deposit is confirmed. In the time before a transaction gets into a block, security is close to zero; although many miners refuse to forward along transactions that conflict with transactions that had already been sent earlier, there is no economic necessity for them to do so (in fact quite the contrary), and some dont, so reversing an unconfirmed transaction is possible with about a 10-20% success rate. In many cases, this is fine; if you pay for a laptop online, and then manage to yank back the funds five minutes later, the merchant can simply cancel the shipping; online subscription services work the same way. However, in the context of some in-person purchases and digital goods purchases, it is highly inconvenient. In the case of Ethereum, the inconvenience is greater; we are trying to be not just a currency, but rather a generalized platform for decentralized applications, and especially in the context of non-financial apps people tend to expect a much more rapid response time. Thus, for our purposes, having a blockchain that Continue reading >>

Average Block Time At 20s For The First Time! - Ethereum

Average Block Time At 20s For The First Time! - Ethereum

Average block time at 20s for the first time! Is it expected to be further increased? When and how would the blocktime decrease? Block time is nearly directly related to difficulty & overall hash rate. does that mean it would be decreased if either i) difficulty bomb solved, ii) more miners came in, or iii) PoS implemented? Normally the block time is designed to stay within certain boundries. Say between 10 and 20s. If the hash rate would rise the difficulty would adjust and the block time would stay nearly the same. But the difficulty bomb increases the diff exponentially. So block time will rise until the bomb gets defused (or postponed) with Metropolis. If the hash rate would rise exponentially as well (due to price increase) the effect of the difficulty bomb would be attenuated. Do you have a source for Metropolis being released on Aug 1st? Metropolis doesn't release august 1st. The devs have said late august/september Thanks, unfortunate the date changed. They can still reset the mining bonuses. Do you know if that is planned, and is the difficulty bomb assumed to be extended 1 month only? I would love to see your source on that Aug 1 date too. pretty sure they're thinking of the bitcoin segwit activation date Don't talk down on people when you don't even have the right information. How did we get here and how do we get warm again? No, that's not what that means. The avg. block time rises because the difficulty rises due to the "difficulty bomb". Additionally we lost some hashrate in the last days due to the price correction (hashrate follows price). So solo mining is always an option but your chances to mine a block aren't higher because of a high avg. block time. They way Ethstats calculates block times can be a little wonky sometimes, better off checking Ethers Continue reading >>

A Lower Block Time Could Help Bitcoin Scale, But Will It Work?

A Lower Block Time Could Help Bitcoin Scale, But Will It Work?

A Lower Block Time Could Help Bitcoin Scale, But Will It Work? Oct 26, 2016 at 18:35 UTC|UpdatedOct 27, 2016 at 23:06 UTC A small tweak to bitcoin could have a big impact. This has been the central point of contention in bitcoin's " block size debate ", a long-running disputeover whether tolifta hardcoded limit on the amount of data that can be included in each block of transactions. One side sees increasing the block size as an easy way to boostthe number of transactions processed on the network, potentially expanding bitcoin's user base. Those opposed to the move worry about the consequences (think centralization and instability) of such achange, or at least question the need to lift the block size in the near-term. There are other pieces to bitcoin that can be changed or moved around, and any change can make a big difference for the overall health of the network - good or bad. One data-heavy presentation from the developer conference Scaling Bitcoin earlier this month explored how changing parameters can affect the network, like how a tweak to the frequency at which blocks are created might be one way to easily grow transaction capacity. Using data pulled from their open source simulator of a proof-of-work blockchain(bitcoin and ethereum are two such blockchains), researchers from ETH Zrich arguedthat bitcoin could securely reduce its block time from 10 to 1 minute. The idea is that the change doesn't impact security negatively, but still boosts the possible number of transactions on the network. So, the argument goes, it's better overall. Arthur Gervais, a PhD student in the Institute of Information Security at ETH Zrich, told CoinDesk: "According to my research the one-minute block interval seems like the most plausible. I don't mean that it provides sufficient se Continue reading >>

How Long Do Ethereum Transactions Take? Metal | Support

How Long Do Ethereum Transactions Take? Metal | Support

In ideal circumstances an Ethereum transaction takes under 20 seconds, and some sites require multiple confirmations. You can view the average blocktime here: . Sometimes due to congestion transactions may take longer, although the Ethereum Development Team is working on scaling solutions. You can view detailed metrics and a calculator for suggested Gas (fees) here: Whenever you send someone Ethereum, the transaction goes through different devicesrunning the Ethereumprotocolaround the world that make sure the transaction is valid. Once the transaction is verified it then waits inside the Mempool. Its basically waiting to be picked up by a Ethereumminer and entered into a block of transaction on the Blockchain. Until it is picked up its considered an unconfirmed transaction or a pending transaction. In some casesthere are so many transactions and blocks are finite not all transactions are picked instantly. Sometimes you need to wait for a certain amount of time until it is included in a block. Once your transaction is included in the block it receives its first confirmation and its no longer pending. After another block of transactions is added it will get another confirmation and so on... This process for transactions needs gas (fee for the Miner) and time to gothrough your buddy. Conclusion: The time, that a transaction need is based on some factors like: Gas, Gwei, amount of miner in the network and amount of transaction in the whole network.The factors vary after some time, so that it may be outdated after tomorrow. In the most cases your Wallet calculate the best fee, that your transaction goes fast to your Buddy, but you can also calculate it on that site Continue reading >>

Blockchain: A Very Short History Of Ethereum Everyone Should Read

Blockchain: A Very Short History Of Ethereum Everyone Should Read

Blockchain: A Very Short History Of Ethereum Everyone Should Read Opinions expressed by Forbes Contributors are their own. Even those who are not familiar with blockchain are likely to have heard about Bitcoin, the cryptocurrency and payment system that uses the technology. Another platform called Ethereum, that also uses blockchain, is predicted by some experts to overtake Bitcoin this year. Ethereum is an open-source public service that uses blockchain technology to facilitate smart contracts and cryptocurrency trading securely without a third party. There are two accounts available through Ethereum: externally owned accounts (controlled by private keys influenced by human users) and contract accounts. Ethereum allows developers to deploy all kinds of decentralized apps. Even though Bitcoin remains the most popular cryptocurrency, its Ethereums aggressive growth that has many speculating it will soon overtake Bitcoin in usage. While there are many similarities between Ethereum and Bitcoin, there are also significant differences. Here are a few : Bitcoin trades in cryptocurrency, while Ethereum offers several methods of exchange, including cryptocurrency (Ethereums is called Ether), smart contracts and the Ethereum Virtual Machine (EVM). They are based on different security protocols : Ethereum uses a "proof of stake" system as opposed the "proof of work" system used by Bitcoin. Bitcoin allows only public (permissionless or censor-proof) transactions to take place; Ethereum allows both permissioned and permissionless transactions. The average block time for Ethereum is significantly less than Bitcoins: 12 seconds versus 10 minutes. This translates into more block confirmations, which allows Ethereums miners to complete more blocks and receive more Ether. It is estimat Continue reading >>

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin

4 Cryptocurrencies With Much Faster Block Times Than Bitcoin 4 Cryptocurrencies With Much Faster Block Times Than Bitcoin JP Buntinx February 19, 2017 Featured , Viral One thing a lot of people do not like about bitcoin is how it takes an average of 10 minutes before a transaction receives a network confirmation. Various other cryptocurrencies, also known as altcoins, try to improve this block time by quite a margin. Some projects focusing on faster block times are more successful than others, though. Litecoin is often referred to as the silver to bitcoins gold. Albeit not everyone may see it that way, Litecoin brings some very intriguing developments in the world of cryptocurrency, that much is certain. Compared to bitcoins block time, Litecoin generates network blocks 4 times as fast on the network. It takes an average of 2.5 minutes for this process to complete, which is quite an improvement. For a cryptocurrency that offers privacy and anonymity features, Monero has proven to be quite a quick altcoin when it comes to generating new blocks on the network. With an average block time of just two minutes, Monero succeeds in providing users with anonymity features at 1/5th of the time bitcoin generates a block, which does not include any anonymity features. It is interesting to note Monero used to have an even faster block time at one point in time. The developers decreased the block time to 60 seconds when Monero was first launched, yet they reverted it back to 120 seconds once the network started to settle. While 60 second block times may sound more preferable, 120 seconds does the job just fine for Monero. Many people believe Ethereum is the worlds fastest cryptocurrency in terms of block generation time, but that is not the case It has to be said, Ethereum is somewh Continue reading >>

Ethereum: Winter Is Coming!

Ethereum: Winter Is Coming!

Ethereum marches into the Ice Age; the Difficulty Bomb starts to become noticeable, as the miners need more time to find new blocks. This freezing of the network aims to help to master the switch to Proof of Stake. Currently, the Difficulty Bomb of Ethereum is hard to see. Since the beginning of 2017 the price of the second most valuable cryptocurrency is sharply rising, and with this, naturally, the hash rate of the miners and the difficulty of mining are rising too. But if you take a closer look, you will find something unusual. The difficulty is growing a bit faster than the hash rate. Usually, both grow in parallel, or the hash rate hurries ahead. It happens in all cryptocurrencies that the cryptographic riddles the miners have to solve to find a block are becoming more difficult when the miners invest more power. If they would not, neither the interval between the blocks nor the generation rate of new coins would be stable. Without an adjustment of the difficulty to the hash rate, every cryptocurrency would suffer from runaway inflation. In Ethereum , however, this balance is slowly falling apart. The difficulty is growing stronger than the hash rate. The result is that the system is slowing down. While until now there has been a block every 14 seconds, it has become 15 seconds during April. That is not much, but is significant growth. At the same time, the daily rate of newly generated ether is falling. In January and February, the miners created roughly 30,000 ether each day. At the time of writing, this rate has been reduced to 27,500. If the blocks arrive more slowly, less ether are generated. Thats easy to get. Right now the impact of the difficulty bomb is little and not harmful. You might see it in the charts, but there is zero effect on the usability of Et Continue reading >>

Mining Ethereum/wiki Wiki Github

Mining Ethereum/wiki Wiki Github

The word mining originates in the context of the gold analogy for crypto currencies. Gold or precious metals are scarce, so are digital tokens, and the only way to increase the total volume is through mining it. This is appropriate to the extent that in Ethereum too, the only mode of issuance post launch is via the mining. Unlike these examples however, mining is also the way to secure the network by creating, verifying, publishing and propagating blocks in the blockchain. Mining Ether = Securing the network = verify computation Ethereum Frontier like all blockchain technologies uses an incentive-driven model of security. Consensus is based on choosing the block with the highest total difficulty.Miners produce blocks which the others check for validity. Among other well-formedness criteria, a block is only valid if it contains proof of work (PoW) of a given difficulty.Note that in Ethereum 1.1, this is likely going to be replaced by a proof of stake model. The proof of work algorithm used is called Ethash (a modified version of Dagger-Hashimoto ) involves finding a nonce input to the algorithm so that the result is below a certain threshold depending on the difficulty. The point in PoW algorithms is that there is no better strategy to find such a nonce than enumerating the possibilities while verification of a solution is trivial and cheap. If outputs have a uniform distribution, then we can guarantee that on average the time needed to find a nonce depends on the difficulty threshold, making it possible to control the time of finding a new block just by manipulating difficulty. The difficulty dynamically adjusts so that on average one block is produced by the entire network every 12 seconds (ie., 12 s block time). This heartbeat basically punctuates the synchronisation Continue reading >>

A Gentle Introduction To Ethereum

A Gentle Introduction To Ethereum

Ethereum builds on blockchain and cryptocurrency concepts, so if you are not familiar with these, its worth reading a gentle introduction to bitcoin and a gentle introduction to blockchain technology first. This article assumes the reader has a basic familiarity with how Bitcoin works. Ethereum is software running on a network of computers that ensures that data and small computer programs called smart contracts are replicated and processed on all the computers on the network, without a central coordinator. The vision is to create an unstoppable censorship-resistant self-sustaining decentralised world computer. The officialwebsite is Itextends the blockchain concepts from Bitcoin which validates, stores, and replicates transaction data on many computers around the world (hence the term distributed ledger). Ethereum takes this one step further, and also runs computer code equivalently on many computers around the world. What Bitcoin does for distributed data storage, Ethereum does for distributed data storage plus computations. The small computer programsbeing run are called smart contracts, and the contractsare run by participants on their machines using asort ofoperating system called a Ethereum Virtual Machine. To run Ethereum, you can download (or write yourself if you have the patience) some software called an Ethereum client. Just like BitTorrent or Bitcoin, the Ethereum client will connect over the internet to other peoples computers running similar client softwareand start downloading the Ethereum blockchain from them to catch up. It will also independently validate that each block conforms to the Ethereum rules. What does the Ethereum client software do? You can use itto: Create new transactions and smart contracts Your computer becomes a node on the network, r Continue reading >>

On Slow And Fast Block Times

On Slow And Fast Block Times

One of the largest sources of confusion in the question of blockchain security is the precise effect of the block time. If one blockchain has a block time of 10 minutes, and the other has an estimated block time of 17 seconds, then what exactly does that mean? What is the equivalent of six confirmations on the 10-minute blockchain on the 17-second blockchain? Is blockchain security simply a matter of time, is it a matter of blocks, or a combination of both? What security properties do more complex schemes have? Note: this article will not go into depth on the centralization risks associated with fast block times; centralization risks are a major concern, and are the primary reason not to push block times all the way down to 1 second despite the benefits, and are discussed at much more length in this previous article ; the purpose of this article is to explain why fast block times are desirable at all. The answer in fact depends crucially on the security model that we are using; that is, what are the properties of the attackers that we are assuming exist? Are they rational, byzantine, economically bounded, computationally bounded, able to bribe ordinary users or not? In general, blockchain security analysis uses one of three different security models: Normal-case model: there are no attackers. Either everyone is altruistic, or everyone is rational but acts in an uncoordinated way. Byzantine fault tolerance model: a certain percentage of all miners are attackers, and the rest are honest altruistic people. Economic model: there is an attacker with a budget of $X which the attacker can spend to either purchase their own hardware or bribe other users, who are rational. Reality is a mix between the three; however, we can glean many insights by examining the three models sepa Continue reading >>

Ethereum Block Production Continues Toslide

Ethereum Block Production Continues Toslide

Blockchain Enthusiast, Founder QuickBlocks.io and Philadelphia Ethereum Meetup, MS Computer Science UPenn Ethereum Block Production Continues toSlide Two weeks ago, we wrote this Medium post in which we describe the slowdown in per-week block production due to the Ice Age or Ethereum Difficulty Bomb. We thought it would be interesting to continue to watch the process as it unfolds. We wondered Is the difficulty bomb having its desired effect? The following chart is the one we presented two weeks ago. It shows the number of blocks produced each week since the inception of the Ethereum chain (August, 2015). The slowdown in block production is readily apparent. As you can see, the difficulty bomb whose nominal purpose is to slow down block production is workingvery well. The number of blocks produced during the week ending September 8, 2017 was as low as its been since the inception of the chain. Interesting. The inverse of the lowering of the number of blocks produced per period is the time it takes to produce each block. Here, the exponential decrease in per-period block production is more apparent. In this chart we show the number of seconds it takes to create each block on average since inception. As you can see, after the Homestead fork, the number of seconds needed to produce a block hovered almost exactly on 14 seconds for more than a year. Its been rapidly increasing since April when the difficulty bomb began. The step-wise behaviour of the increase is also apparent if one looks closely. Does Less Blocks Mean Less Transactions? Given tweets such as the one to the left and this one , which seem to contradict the idea that there are less blocks being produced, we wondered if increasing transactions and less blocks could both be true at the same time. If the number o Continue reading >>

Ethereum May Reduce Mining Reward And Inflation By 40%

Ethereum May Reduce Mining Reward And Inflation By 40%

Ethereum May Reduce Mining Reward and Inflation by 40% Ethereum developers are considering splitting the next big upgrade, Metropolis, into two hardforks, with the first hardfork expected sometime in September. That hardfork may reduce mining reward, and thus inflation, by around 40%, from 5 eth per block to 3 eth per block, while at the same time delaying what is called a difficulty bomb as Casper is not yet quite ready. The difficulty bomb is an automatic increase of ethereums mining difficult which has the effect of increasing block times withHudson Jameson, an ethereum developer, estimating they would rise to 45 second per block by November from what used to be around 15 seconds. That difficulty/time bomb was place in there to give miners no choice during the Proof of Stake upgrade known as Casper, but that has apparently been delayed. As such, the developers are proposing that the difficult bomb is delayed too, but to keep mining reward somewhat in line with what it would have been had the difficulty bomb proceeded, they are proposing to reduce block rewards from 5 to 3. The proposal appears popular, not least because if demand remains the same then a reduced supply may lead to a price increase, but some are concerned about the interference with fundamental parameters. Moreover, miners will need to upgrade and if they fail to do so it may lead to another chain-split. But if the proposal is indeed popular, then most eth users will probably value the reduced block reward chain higher. In any event, as a price rise to compensate for the reduced supply should be expected, it may be the case that miners are not actually affected by the change. Which raises the question of why do it at all, with the main reason appearing to be concerns over an increased miners power due Continue reading >>

Github - Rolandkofler/blocktime: Investigating Ethereum Blocktime Variance With R

Github - Rolandkofler/blocktime: Investigating Ethereum Blocktime Variance With R

Investigating Ethereum Blocktime variance with R Blocktime - Investigating Ethereum Blocktime with R This project analyses different aspects of the time it takes to mine a new block. What people currently know is the average block time. The monitoring sites ethstats.net and etherscan.io provide a good overview in realtime for this metric.Before Ethereum will be upgraded to Proof of Stake, the time to mine a block, the average block time is ~14 s. But block times over a minute are not uncommon.For certain applications, precise knowledge of the variance of the block times is vital, for example, realtime gambling applications where a user must wait for a result in a smart contract. The difference of two Block timestamps is made and this difference is analyzed. First, the quantiles are calculated to have a first glance of the distribution, then the frequency density and cumulative density curves are calculated.Finally a Monte Carlo simulation describes how the IID distributions for multiple confirmations would look like. The IID should be considered to be purely theoretical. In reality, the independence of blocktimes is not given! Description of the data and the sourcing of the data Blocktimes.csv contains a data set of collected between the Ethereum Homestead release and 10 June 2016. Each row represents the POSIX Date of the block mined since the first Homestead block (13000). You can collect your own data with the collectBlockTimes.js script. geth --exec 'loadScript("./collectBlockTimes.js")' attach Figure: the distribution of observing block times and their density. Peak block time is around 2.9 s, median 10 s and average 14 s, maximum observed 2 min 54 s. Min. 1st Qu. Median Mean 3rd Qu. Max. 1.00 5.00 10.00 14.35 19.00 174.00 In laymens terms:block time is at least 1 Continue reading >>

Why Is Ethereum Different To Bitcoin?

Why Is Ethereum Different To Bitcoin?

Ethereum differs from Bitcoin in 7 main ways: 1. In Ethereum the block time is set to 14 to 15 seconds compared to Bitcoins 10 minutes. This allows for faster transaction times. Ethereum does this by using the Ghost protocol. 2. Ethereum has a slightly different economic model than Bitcoin Bitcoin block rewards halve every 4 years whilst Ethereum releases the same amount of Ether each year ad infinitum. 3. Ethereum has a different method for costing transactions depending on their computational complexity, bandwidth use and storage needs. Bitcoin transactions compete equally with each other. This is called Gas in Ethereum and is limited per block whilst in Bitcoin, it is limited by the block size. 4. Ethereum has its own Turing complete internal code... a Turing-complete code means that given enough computing power and enough time... anything can be calculated. With Bitcoin, there is not this form of flexibility. 5. Ethereum was crowd funded whilst Bitcoin was released and early miners own most of the coins that will ever be mined. With Ethereum 50% of the coins will be owned by miners in year five . 6. Ethereum discourages centralised pool mining through its Ghost protocol rewarding stale blocks. There is no advantage to being in a pool in terms of block propagation. Continue reading >>

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