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signum-network / SIPs

Signum Improvement Proposals
The Unlicense
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Proposal: Reduce the block mining time to 2 minutes. #57

Open rever273 opened 2 years ago

rever273 commented 2 years ago

Hardfork is planned soon. I suggest that a more serious consideration be given to reducing the new block minting time from 4 minutes to 2 minutes.

Advantages and reasoning:

  1. Increase in transaction speed. Right now the transaction speed is 16 TPS. Now there are blockchains, such as Solana, Fantom, Algorand etc, where transaction speed is thousands of transactions per second. The logic of Signum does not allow to achieve such speed. But, reducing the mining time will be able to increase the speed already by 32 TPS, which is very significant in a fast-growing project.
  2. Now, to wait for the coins to get from the wallet to the wallet, user have to wait 4 minutes. Visa, PayPal, Solana do it almost instantly. Reducing the waiting time will make the network more user friendly.
  3. When the project becomes popular, it will have to process thousands of transactions. Users will pay a large fee to have their transaction processed first. Accordingly, people who are not willing to pay a large commission will have to wait a very long time for their transaction to be added to the block. This could theoretically cause the same high gas problems as Ethereum has now.
  4. Increase the speed of work with smart contracts. To confirm and start a smart-contract, programmer have to wait 2-3 blocks, that's 8-12 minutes. Reducing the block generation time make it 2 times faster without any losses.
  5. Working with NFTs. When people upload 10k collections to signumart it can paralyze the blockchain at all, especially if 10 artists put 10k images to upload at a time. The more the marketplace grows, the more speed is needed to process all those NFTs.
  6. GameFi. In the future Signum will be able to support smart contracts to create play-2-earn games. Players will get/create different attributes: swords, potions, lands, armor in the form of NFTs. If the game is dynamic, users will simply refuse to play it, knowing that they have to wait as long as 8 minutes to create one smart contract/make some on-chain action. Other slow blockchains are already facing this problem.
  7. Benefit to Miners. Now the number of mined coins decreased to 100 (I did not notice the benefit in the gradual reduction, it did not affect the price of the coin). There are 36000 coins mined per day, that's only $108 for 1034 miners. This money is not enough for the average miner to even pay for electricity, not to mention the benefit of buying hard drives. Many miners (myself included) have already sold their hard drives. The capacity right now is only 26.3 PiB. If miners get twice the amount of coins per day it might encourage people to invest money in this business and thus increase the size of the commitment. If 72,000 coins will be mined per day, it will be only 0.0033% increase in capitalization. That is 1.2% per year. This will have no effect on inflation.

Please consider my proposal thoroughly before HardFork is launched.

ohager commented 10 months ago

There are ideas to reduce the block time to 1/10th by a kind of round robin mechanism.

frankTheTank72 commented 10 months ago

If we can handle the samrtcontract adjustment by this new blocktime we should go for 2 minutes and 50 Signa block reward