I donât think weâve adequately explored the impact to SPV; weâve only discussed potential mitigations but havenât actually assessed viability of those mitigations from a practical/implementation standpoint.
Iâm not confident that there are not still unknowns to explore. Thatâs part of what I mean by digestion. The CHIP as written is indeed quite thorough, and by no means do I want to discount that or claim that the work has not been valuable.
Iâm hesitant to strongly endorse November 2026 lock-in without having a better understanding of alternatives like Tailstorm, weak blocks, Sunlight, etc. Thatâs more on me than on the CHIP author, but still points to the social and cognitive costs that come with such an impactful upgrade. I cannot in good faith offer a strong endorsement without thoroughly understanding it from every angle.
I think that changing blocktime naively could have unwanted second order effects on the economics of the network. One example: weâre simply assuming that exchanges will either 10x their confirmations to compensate, or be ignorant and change nothing. Without actually talking to some exchanges, we have no clue what theyâre going to do, and I think that should partially inform what tradeoffs we ultimately find acceptable in pursuing this proposal.
Now, I will openly admit that I donât know what I donât know - and thatâs a huge contributing factor to my concern that âthe problem space has not been fully explored.â
In terms of the community at large digesting the proposal - frankly, I think there are many people with opinions who still havenât even read the CHIP. It could be the best written CHIP ever, but if the community has not had time to actually read it and properly understand all of its implications, we canât really say that weâre making an informed decision in aggregate. Right now I see enough contention (or at least lack of knowledge) on the CHIP that I think it would be rather hasty to lock in a mere 90 days from now.
This is more than just a technical issue, itâs also a social issue. I am definitely not saying that we should never adjust the blocktime or that we should stop pursuing innovation on BCH. I do think that it would be wise to target the 2028 upgrade cycle in order to ensure that we are not missing any footguns and to allow the community to demonstrate a stronger consensus.
On that note, I do think that consensus is slowly building - I donât think that waiting will cause a roadblock. We are after all evaluating the CHIP on its technical merits, not on emotions. I donât really anticipate a BIP-119 type scenario where we stall out on good ideas for years on end. In fact, Iâd actively campaign against that outcome.
I think thereâs also a strong point to be made that despite many âsmall winsâ that combine to demonstrate benefit from the Faster Blocks CHIP, those small wins still may not outweigh the overall social and technical costs at this time. Weâre talking about an effective architectural refactor for the entire ecosystem. The âYAGNIâ mantra comes to mind with the whole tick system. There is in fact a lower bound to how fast we can confirm a transaction. If we use Solana as an example, they claim transaction finality with times measured in milliseconds, which indicates to me that the time is almost entirely taken by network propagation. So in effect, their security is similar to ours with 0-conf.
And of course, we canât gloss over the fact that faster blocks are in fact addressing a symptom, and not a root issue. The issue that I think has unanimous agreement is that waiting for the 1-conf failure mode sucks in instances where 0-conf is not accepted. Discussion around the CHIP has steered away from the idea of trying to educate the ecosystem about 0-conf. I understand the sentiment, given that we canât even get Coinbase or Binance to use Cashaddr. But we also should think about all of the other misinformation and propaganda weâve dispelled over the years. What would make this different?
Overall, I am suggesting a cautious pause - I do not think it is necessary to rush for 2027 lock-in, and I think we would all benefit from having more time for everyone to actually grok the proposal. If âdetractors throwing a wrenchâ is a concern, we should address those wrenches on their merit the same way we do the proposal itself. We can all recognize hand-waving bullshit and call that out - and we routinely do.