ethereum block time

The Ethereum blockchain has seen a lot of activity in the past month. Since the math for that is pretty hopelessly intractable (well, if you try hard at it for months maybe you could come up with something involving nested Poisson processes and combinatorical generating functions, but I’d rather not), here’s the sim script. Performance; Compare; ATH; Best Crypto. However, the problems arise when we take into account the fact that network propagation is not instant. Etherscan allows you to explore and search the Ethereum blockchain for transactions, addresses, tokens, prices and other activities taking place on Ethereum (ETH) Additionally, there is a selfish-mining-esque attack against single-level GHOST. As it turns out, it’s pretty simple. After a couple months of stress testing, the Ethereum network was ready for the official public mainnet launch. ... Propagation block time is affected mainly by sealers number as well as by block time. Now, let’s use a Python script to test that theory: The results can be parsed as follows. Created with Highstock 7.0.3. How blocks work Previously, big data/analytics project lead for Fortune 500 financial services/telecom/healthcare clients. But for that rewarding stales will be required. 1 … The lower block time then resulted in a higher number of blocks and of course higher inflation. At 60 seconds per block, however, we get 12 / 60 = 0.2 stales per valid block or a stale rate of 16.67%. about 2.7% instead of 16.7%. As usual, we’ll be more conservative at first and not take things that far, but a block time of 12s does nevertheless seem to be very much achievable. The Ethereum hashrate is calculated using the current Ethereum difficulty, the defined Ethereum block time, and the average block time of the last (X) number of blocks. Each miner in the network attempts to produce blocks by first grabbing up the necessary data (previous block, transactions, time, etc), building up the block header, and then continually changing a value called the nonce until the nonce satisfies a function called a “proof of work condition” (or “mining algorithm”). According to a 2013 paper from Decker and Wattenhofer in Zurich, once a miner produces a block on average it takes 6.5 seconds for the block to reach 50% of nodes, 40 seconds for it to reach 95% of nodes and the mean delay is 12.6 seconds. Blog Archive Here's how it works and how we simplified things with a new subgraph.TL;DR use the Ethereum Blocks Subgraph to pull block numbers from timestamps.  •  However, I chose to include it in the blog post to show an example of what the dangers are. Teams have built stablecoins – a less volatile cryptocurrency. Ethereum 2.0 will introduce staking, but it has been delayed continually and will not replace mining entirely at first—meaning that Ethereum mining should remain viable for quite some time. Block-time is the time taken by the blockchain in producing subsequent blocks. However, there is a problem: the protocol, as described, only includes stales in the scoring of a blockchain; it does not assign the stales a block reward. Use this resulting block number in your time-travel queries to specify exactly the right point in time for your needs. The reason is that the dominant weakness of -5,+1 GHOST is the +1, not the -5, ie. Pool Mining “Solo mining” is unlikely to discover a block, meaning that individual miners must join a pool. The basic intuitive argument is this: in the basic mining protocol, for the reasons we described above, the stale rate is roughly t/(T+t) where t is the transit time and T is the block interval, because t/T of the time miners are mining on old data. SecondState, an open-source operating system for the cloud and decentralized web, today announced the launch of its Oasis Ethereum (OETH) ParaTime on the Oasis mainnet. There are four chances for an uncle to get in, so not including uncles is a 4-party prisoner’s dilemma between anonymous players - a game that is doomed to end badly for everyone involved (except of course the uncles themselves). Block Time in Secs. Thus, we need a new strategy. {{node.info.name}} {{ node.readable.latency }} The idea is that even though stale blocks are not currently counted as part of the total weight of the chain, they could be; hence they propose a blockchain scoring system which takes stale blocks into account even if they are not part of the main chain. In bitcoin, the expected block time is 10 minutes, while in ethereum it is between 10 to 20 seconds. 30% of the time, however, it is the 30% hashpower mining pool that produced the last block; thus, it “hears” about the block instantly and has a 0% stale rate, whereas everyone else still has their full stale rate. Although Decker and Wattenhofer do not provide their own estimate, intuitively this seems like it may speed up propagation by 25-50%. Yearly High Low. This is similar to orphan blocks in Bitcoin, however unlike Bitcoin, in Ethereum there is a reward for mining these blocks. Do-not-Track, Posted by Vitalik Buterin on July 11, 2014. the standard definition of "uncle" from genealogy that you learned at age 4). etherchain.org makes the Ethereum block chain accessible to non-technical end users Stablecoins. BlockScout provides analytics data, API, and Smart Contract tools for the Ethereum Classic. Co-Founder/Tech Lead. So what is the best way forward? 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 don’t, so reversing an unconfirmed transaction is possible with about a 10-20% success rate. At 12 seconds per block, we get 12 / 12 = 1 stale per valid block, or a stale rate of 50%. previous block), and can also include zero or more uncles. If the block gas limit was 10,000,000, then each block (blocks are mined roughly every 15 seconds) could include a maximum of 476 transactions assuming each transaction used 21,000 gas. X-Block (IX) vs. Ethereum (ETH) Coin Time Machine. 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. Ethereum Foundation As a result, even if the main chain is only 50% efficient or even 5% efficient, an attacker attempting to pull off a 51% attack would still need to overcome the weight of the entire network. At a block time of 600 seconds, as in Bitcoin, this is not an issue; 12 seconds is a very small amount of time, and Decker and Wattenhofer estimate the total stale rate as being around 1.7%. Payouts can be distributed in the following ways: PPS In the GHOST sim script, set UNCLE_DEPTH to 4, POW_SOLUTION_TIME to 12, TRANSIT_TIME to 12, UNCLE_REWARD_COEFF to 15/16 and NEPHEW_REWARD_COEFF to 1/32 and see what happens: Completely reasonable all around, although note that the actual block time is 21s due to inefficiency and uncles rather than the 12s we targeted. David from the Graph (@lutterkort) offers a technique to speed up our sample query. Music/art + rock climbing on the weekends. it points to a valid previous block, its transactions and metadata are valid, and its nonce satisfies the PoW condition), then that block is broadcast to the network and the cycle begins again. stale. In the one-block case, it was a problem, but here is it not because most uncles that can be included after n blocks can also be included after n+1 blocks, so the practical extent to which it will matter is limited. The efficiency is 0.9798 meaning that 2.02% of all blocks are not included at all, and there are 0.158 uncles per block; hence, our intuitions about a ~16% stale rate without uncle inclusion and 2.7% with uncle inclusion are confirmed almost exactly. The Bitcoin blockchain is a series of blocks, with each one pointing to (ie. 26% centralization gain). Also suppose that K has two stale children, both of which were produced after M so there was no chance for them to be included in M as uncles. Ethereum has its own coding language, internet browser, payment system, and blockchain. So how do stale rates affect centralization? This, theoretically, solves the efficiency issue all the way down to 1-second block times. The average block time on the Ethereum blockchain has now decreased by 25%. First, it weakens the absolute strength of the network against attacks. Well, let’s try the highest-score model: So here we have a very counterintuitive result: the 25% hashpower mining pool gets only 24x as much as a 1% hashpower pool. The result shows that the first block after Jan 1, 2010 00:00 UTC is 9193266. The beginnings of a better approach come from a paper entitled “Fast Money Grows on Trees, not Chains”, published by Aviv Zohar and Yonatan Sompolinsky in December 2013. Ethereum platform prevents transaction spamming and rewards block miners by charging a gas fee on transactions. Note that there are actually two ways you can do the algorithm: require the parent to be the lowest-hash child of the grandparent, or require the parent to be the highest-score child of the grandparent. Of course, the 30% mining pool producing every block on the main chain is fine, but only if the blocks off chain are also fairly rewarded, so the 30% mining pool still collects not much more than 30% of the revenue. if the original transaction sent $50000 to you, the double-spend spends the same $500… With single-level GHOST, the failure condition changes from mining one stale to mining two stales in a row (since uncles can get included but relatives with a divergence of 2 or higher cannot), so the stale rate should be (t/T)^2, ie. Data from Bitinfocharts shows ETH block times have arrived on average every 20 seconds or so—with occasional spikes as high as 50 seconds during periods of congestion.  •  As a result, the network gradually increases its difficulty, that is, the difficulty of a problem that miners are solving. Thus, if we want a 60 second block time, we need a better strategy. Starting today, developers can use the SecondState Oasis Ethereum ParaTime to deploy decentralized applications on a privacy-first blockchain network and can execute Ethereum smart contracts on the Oasis Network. Worst Crypto. Or, you can use time-travel queries from The Graph. Ethereum’s whitepaper originally envisioned blocks to be processed every 12.6 seconds. Chart context menu. Additionally, we increase the uncle reward to 15/16, and cut the nephew reward to 1/32. If you fail to include uncles, then the guy after you will. In the future, even individual miners may prove threatening; right now 25% of all new bitcoin mining devices are coming out of a single factory in Shenzhen, and if the pessimistic version of my economic analysis proves correct that may eventually morph into 25% of all Bitcoin miners being in a single factory in Shenzhen. Here's how it works and how we simplified things with a new subgraph. The most surprising finding about Decker and Wattenhofer’s finding is the sheer length of time that blocks take to propagate - an amazingly slow 12 seconds. Theoretically, each network has its own defined block time. Thus, a more accurate model might be: This gives rise to the following problem: if, at time T = 500, miner M mines a block B' on top of B (where “on top of” is understood to mean “pointing to as the previous block in the chain”), then miner N might not hear about the block until time T = 510, so until T = 510 miner N will still be mining on B. We can see in the result, there are no token holders. First, let’s make sure that it works under standard strategies. The Bitcoin blockchain is a series of blocks, with each one pointing to (ie. If we couple this with a -50,+1 rule, the effect is negligible (25% -> 31.3x), but if we use a -4,+3 rule efficiency goes up to 83% and the 25% miner only gets a 27.5x return (the way to add this to the sim script is to add after line 65. The Bancor subgraph stores every swap on the platform. Blocks Blocks Uncles Forked Blocks (Reorgs) Transactions Mined. Note that there are actually two non-head strategies: try to take more uncles, and try to be an uncle. Then, this person sends a double-spend transaction trying to revert their original transaction (eg. Allowing uncles going back 50 blocks, surprisingly, has fairly little substantial efficiency gain. Additionally, users have the ability to create decentralized applications (dApps) directly on the blockchain. When a block includes an uncle, the uncle gets a reward of 7/8 and the block including the uncle gets a reward of 1/16. Accounts Tokens APIs GraphQL RPC Eth RPC. The effective block find time becomes lower than the preset value. Etherchain looks like Etherscan. The Ethereum Average Block Time Chart shows the historical average time taken in seconds for a block to be included in the Ethereum blockchain. On July 30, Ethereum’s genesis block was mined into existence and the community began to grow. For instance, the Bitcoin network’s block time is around 10 minutes while the Ethereum network’s block time is about 13 seconds. First off, let us have a quick overview of how mining works. c(c(P(P(P(P(head)))))) where no simplification is possible) is not. However, Bitcoin block may as well be found in 1 minute, or in 20 minutes. Ethereum block time and reward When Ethereum was launched the target block time was 15 seconds and the block reward was 5 ETH per block. Thus, the only potentially problematic strategy is trying to include uncles. As a reward, the miner of that block gets some quantity of coins (25 BTC in Bitcoin) as a reward. blog.ethereum.org The 30% mining pool will have a 0% stale rate 30% of the time, so its efficiency multiplier will be 0.833 * 0.7 + 1 * 0.3 = 0.8831, whereas everyone else will have an efficiency multiplier of 0.833; that’s a 5.7% efficiency gain which is pretty economically significant especially for mining pools where the difference in fees is only a few percent either way. Let us first start off by looking at the normal case. Hence, a 3-second target block time (and 5s actual block time) may be quite viable. Now, we can’t reward all stales always and forever; that would be a bookkeeping nightmare (the algorithm would need to check very diligently that a newly included uncle had never been included before, so we would need an “uncle tree” in each block alongside the transaction tree and state tree) and more importantly it would make double-spends cost-free. … According to Ethereum block Explorer Etherscan, during the period of Jan. 1st to Jan 4th, the average block time has decreased from 17.16 seconds to just 12.96 seconds.. Hence, an attacker does not actually need 50.001% of the network in order to launch a 51% attack; if the attacker is a single node, they would only need 0.983 / 1 + 0.983 = 49.5%. This page does not represent the entire state of the ethereum network - listing a node on this page is a voluntary process. Every block must point to a parent (ie. We can estimate this via a mathematical formula: if transit time is 12 seconds, then after a block is produced the network will be producing stales for 12 seconds before the block propagates, so we can assume an average of 12 / 600 = 0.02 stales per valid block or a stale rate of 1.97%. Thus, let us construct our first protocol, single-level GHOST, which does the minimal thing and takes uncles only up to one level (this is the algorithm used in Ethereum up to now): Thus, in the graphical blockchain example given above, we’ll instead have something like this: Here, the math gets more complex, so we’ll make some intuitive arguments and then take the lazy approach and simulate the whole thing. The block that has the highest score is taken to be “truth”. Assuming a 12 second transit time and a 60-second block time, we have a stale rate of 16.67% as described above. The blockchain consists of three elements; the Ouroboros protocol, the Cardano ledger and the Hydra off-chain scaling solution. So on average every 15 seconds a new block was mined which is 4 blocks a minute, 240 blocks an hour and 5760 blocks a day. The score of a block is zero for the genesis block, otherwise the score of the parent plus the difficulty of the block multiplied by one plus the number of included uncles. Block-Time Definition [Cryptocurrency, Bitcoin, Ethereum, etc.] These queries return the historical state of an entity for any given block. First off, let us have a quick overview of how mining works. A few months before the Frontier launch, Vinay Gupta published a note about Ethereum’s launch process. per hour (last 24h) 271: Reward Per Block: 2+1.65+0.00277+0.07636 ETH ($5,730.01 USD) Reward (last 24h) 13,030+10735+18.06+497.5 ETH ($37,331,035.22 USD) Fee in Reward (Average Fee Percentage in Total Block Reward) If you mine on M, you would produce a block with score 502 + 1 = 503 and reward 1, but if you mine on L you would be able to include K’s children and get a block with score 501 + 1 + 2 = 504 and reward 1 + 0.0625 * 2 = 1.125. Note that the actual block time is 70.85s because even though there is a valid proof of work solution every 60s, 2% of them are lost and 14% of them make it into only the next block as an uncle, not into the main chain. Hence, it does nothing to solve the centralization problem; in fact, with a 1-second block time the most likely scenario involves the 30% mining pool simply producing every block. Trying to take more uncles was useful in the -2,+1 case, and trying to be an uncle was useful in the cas of my abortive mandatory-5-uncles idea. As of Thursday, March 04, 2021, it would take 59.5 days to mine 1 Ethereum at the current Ethereum difficulty level along with the mining hashrate and block reward; a Ethereum mining hashrate of 500.00 MH/s consuming 950.00 watts of power at $0.10 per kWh, and a block reward of 2 ETH. The algorithm is still non-exploitable because in order to produce an invalid block that passes the first check a miner would still need to produce a valid proof of work, so there is nothing that the miner could gain. Trying to be an uncle is not really useful when multiple uncles are not required, since the reason why that alternative strategy worked in the mandatory-5-uncle case is that a new block is useless for further mining without siblings.  •  The original authors of the GHOST paper did not include uncle/stale rewards, and although I believe it is a good idea to deviate from their prescription for the reasons I described above, they did not do so for a reason: it makes the economic analysis more uncomfortable. Get the latest updates delivered straight to your inbox. We can see in the result, there are token holders. Ethereum Classic Block Time historical chart Average block time (minutes) For Bitcoin, it is 10 minutes, while for Ethereum it’s 14 seconds. You can check it by ethstats However, in the context of some in-person purchases and digital goods purchases, it is highly inconvenient. the algorithm that Bitcoin clients follow is: However, Decker and Wattenhofer did propose a superior strategy which looks something like this: This allows all of the steps to happen in parallel; headers can get broadcasted first, then blocks, and the verifications do not need to all be done in series. The current Ethereum average block time is ~13.3 secs as of June 13, 2020. Here, there are no attackers, and all miners simply want to happily sing together and get along while they continue progressively extending the blockchain. The argument is as follows: if a mining pool with 25% hashpower were not to include any other blocks, then in the short term it would hurt itself because it would no longer receive the 1/16x nephew reward but it would hurt others more. We're excited to share our custom implementation of an NFT to sell and manage digital advertising space. home heating demand, unused CPU power), there is no way to get around the fact even if you come up with some clever sublinear concoction an entity with 25x as much power going in will at the very least be able to pretend to be 25 separate entities and thus claim a 1x reward. Each miner in the network attempts to produce blocks by first grabbing up the necessary data (previous block, transactions, time, etc), building up the block header, and then continually changing a value called the nonce until the nonce satisfies a function called a “proof of work condition” (or “mining algorithm”). Another point that the paper makes is that the transit time is, beyond a certain point, proportional to block size; hence, cutting block size by 50% will also cut transit time to something like 25-40%; the nonscaling portion of the transit time is something like 2s. containing the hash of) the previous. 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010. Time-travel queries are great for comparing statistics across time frames. Once some random miner finds a block that is valid (ie. Turn a timestamp into a block number using the Ethereum Blocks subgraph, available here. The selfish-mining attack also no longer works for a similar reason. 2021 The top five numbers are a centralization indicator; here, we see that a miner with 25% hashpower gets 25.39x as much reward as a miner with 1% hashpower. Ethereum Blocks Subgraph: for Time Travelers, Time Series Data with Time Travel Queries. As you know, Blockchain is simply a ledger which is made of different blocks tied to each other in chronological order. Beyond one block, the answer is no; although the first block of an attempted fork will get in as an uncle and receive its 15/16x reward, the second and third and all subsequent ones will not, so starting from two confirmations attacks still cost miners almost as much as they did before. Block Time (average time between blocks) 13.2s: Blocks Count : 11,982,005 (2021-03-06 02:02:33 UTC) Block Size: 46.127 KBytes: Blocks last 24h: 6,515: Blocks avg.  •  We query user smart token balances before the airdrop. Each block contains a maximum amount of gas that can be collected from transactions, defining a maximum block size. The answer is a clever one. This algorithm is random and usually fails; on average, in Bitcoin the network needs to collectively make about 1020 attempts before a valid block is found. Now, let’s try a few more trials for enlightenment and fun: Now, let’s look at the other two risks of limited GHOST that we discussed above: the non-head dominant strategy and the selfish-mining attack. Now, the question we want to answer is this: suppose that someone sent a transaction, and kseconds have elapsed. The “score” of a block is defined in a simplified model as the number of blocks in the chain going back from it all the way to the genesis (formally, it’s the total mining difficulty, so if the difficulty of the proof of work condition increases blocks created under this new more stringent condition count for more). Time-travel queries were introduced in Graph Node v0.17. Block time defines the time it takes to mine a block. Hence, the child of a parent of a parent (hereinafter, -2,+1-ancestor) is a valid uncle, a -3,+1-ancestor is a valid uncle, as is a -4,+1-ancestor and a -5,+1-ancestor, but a -6,+1-ancestor or a -4,+2-ancestor (ie. You could estimate ~1 block per ~15 seconds and convert your timestamp, but block times tend to vary. 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. Specifically, suppose that the main chain has its last block M (score 502) with parent L (score 501) with parent K (score 500). Currently, most of the Bitcoin network is split up into a small number of “mining pools”, centralized constructions where miners share resources in order to receive a more even reward, and the largest of these pools has for months been bouncing between 33% and 51% of network hashpower. This algorithm is random and usually … In practice, the time between blocks has proven to be slightly higher. The network will keep increasing it until the block find time reaches the preset value. If we reduce the target block time to 3 seconds, efficiency goes down to 66% and the 25% miner gets a 31.5x return (ie. Unlike Bitcoin where the block size is restricted by its size in bytes, Ethereum blocks are restricted by the sum of the transaction gas used in the block. There is also one last concern with this strategy: we saw that rewarding all uncles makes 51% attacks cost-free, so are they cost-free here? The block time is adjusted based on the level of difficulty. Because our model is still pretty simple, we can still do some math on an approximation in closed form. Our sample query looks for the first block after a given timestamp (Jan 1, 2020 00:00 UTC). 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.

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