Could decentralised proof of time in BCHSV solve for high PoW power consumption?
0-conf requires decentralised consensus of time in order to determine the order and time of each transaction.
Bitcoin has a block time of 10 minutes achieved by brute forcing hashing algorithms of variable difficulty at enormous scale with a difficulty optimised for it to be solved in ~10 mins. This is what gives the currency its security.
With decentralised time consensus such as that required for 0-conf, would it not theoretically be possible to enforce a 10 minute block time by instead implementing the following conditions:
- Each block submission must contain at least one transaction that has been entered 9mins 55secs after the previous block (ie: No incentive to mine until 5 seconds before 10 min block time)
- Difficulty optimised to allow the network to solve the block within ~5 seconds
- In the case of conflict within the 5 second challenge period, lowest hash in bit value wins
- In the case of conflict after the 5 second challenge period, first hash wins
- Network decides any further split in consensus thereafter by longest chain as it does now
Assuming this would be doable, would it not technically be possible to secure Bitcoin with the same hashrate it has now, but consume 0.0083% as much power, and make mining far more profitable for miners (especially in countries that don’t have cheap energy) with no loss of security?
Article source: “https://bitcoin.stackexchange.com/questions/83591/could-decentralised-proof-of-time-in-bchsv-solve-for-high-pow-power-consumption”