The Impact of Blockchain Propagation Time on Bitcoin Block Time Analysis
Bitcoin block time is a crucial factor in understanding the overall speed and efficiency of the network. In this article, we will explore the effects of blockchain propagation time on block time analysis for both ascending and descending block orders.
Assumptions
Before diving into the analysis, let’s assume two key parameters:
- Network propagation time: The average time it takes for a transaction to be broadcast to the network and verified by a node.
- Block time: The interval between the creation of new blocks, which is currently set at 6 seconds.
Analysis
For our analysis, we will consider two scenarios:
- Ascending orders
: A blockchain order in which transactions are inserted in ascending order. In this scenario, nodes can verify and process transactions more efficiently.
- Descending Orders: A blockchain order in which transactions are inserted in descending order. It is the opposite of ascending orders.
Time Analysis = t0
At time “t0”, every 6 seconds have passed since the network began. Consider two blocks, “b1” and “b2”, which were inserted at times “t1” and “t2”, respectively.
- For
Ascending Order: Since both nodes verify and process transactions in ascending order, they can see each other’s previous block as soon as it is created.
+ Node A sees b1 and verifies its validity. If there are no transactions to verify (e.g., a transaction with an empty list), node A will wait 6 seconds for the next new block to be verified by another node.
- For
Descending Order: Since nodes verify and process transactions in descending order, they must see all previous blocks before verifying the current block. This means that nodes will have no information about “b1” until they receive “b2”.
+ Node A sees b1 but does not know if there are other transactions to verify (e.g. a transaction with an empty list). If node A has to wait for another node to add or remove transactions, this can take up to 6 seconds.
Convergence Time
As we continue the analysis over time, we can observe that the convergence time between “t0” and the following blocks will be different for ascending and descending orders. For ascending orders, the convergence time is approximately equal to the block time (6 seconds), since nodes verify transactions in ascending order.
However, for descending orders, the convergence time will be significantly longer, as nodes must wait for all previous transactions before verifying a new one. This can lead to a significant increase in the average transaction processing time.
Conclusion
In conclusion, the analysis of block times and propagation time reveals that ascending and descending orders have distinct characteristics when it comes to the efficiency of transaction verification on the Bitcoin network. While ascending orders allow for faster convergence times, descending orders are more efficient from a latency perspective. Understanding these differences is essential to optimize the development and deployment of Bitcoin-based systems.
References
- [1] “Bitcoin block time” (Wikipedia article)
- [2] “Blockchain propagation time” (CryptoSlate article)