Feed for tag: blockchain
Accuracy of Bitcoin Timestamps

An interesting thread was started by Neiman via bitcoin-dev regarding the accuracy of Bitcoin block timestamps.

I’m doing a research project about blockchain timestamping. There are many such projects, including the fantastic OpenTimestamps.

I didn’t find any discussion or research regarding Bitcoin timestamp accuracy (also not in the history of this mailing list). I share here a simple analysis of timestamp accuracy, and a suggestion how to improve it.

Proposal: Use Transaction Weight For Ordering Transactions In Blocks
The Bitcoin network has been at its transaction maximum for over a year. This is a point where each block is full in terms of binary space. While Segregated Witness adoption is slowly moving forward, and additional cryptographic schemes are being researched and developed, the demand for scaling is at an all time high. A significant issue that has risen as an effect of full blocks is transaction fees. Presently, Bitcoin uses a bidding system for managing transaction priority. Users willing to pay the highest fees have precedence in being processed.