I am intending to make an approval statement in the other thread, but I want to bring up a few items.
Overall thoughts:
The industry has proven that faster block times on the order of a minute work well. The user experience is much better. Having read through the CHIP, it is good engineering and its cleaning up a lot of stuff. I think there is risk in ossifying around a fixed block time. Last week BCH reached an all time low to BTC. That is the universe telling us to get better. The 1 minute block time itself has been de-risked by other chains, the main thing we’re facing is logistics.
Technical items
Confirmations vs ticks:
The main thing I want to point out is that we are going from fewer blocks to more blocks, so we get security benefits of going from fewer to more confirmations. We can simply multiply all the confirmation logic by 10. My concern is that, in the future, if we ever want to increase the block time, we can’t simply do that. A new contract or service that uses only ticks might go from several confirmations down to only 1 or 2 confirmations if we were to raise the block time in the future. Same amount of work, but less security because 1 or 2 confirmations is never really final from a statistical point of view, even if they were an hour. So what I am advocating is that the chip needs to set out guidelines for contract writers and service owners if we were to ever raise the block time. The chip should specify that if that were to happen, contracts and services that don’t specify confirmations would be in danger of going to fewer confirmations. And contracts and services that specify block height would be in danger of taking more time, because we would not proportionally reduce the number of confirmations in the future. We should make this clear now, so that AI agents who are coding up these contracts and services in the future will understand what going the other direction would look like, and can take that into account in their security assumptions. Confirmations and wall time are two dimensions which are not the same.
In summary, going to a tick system gives us flexibility, but we need to establish conventions and documentation now about what increasing the block time would look like in case it was ever needed, including say from shorter than 1 minute to back to 1 minute.
Furthermore, if we were to ever go with a dynamic block time, for whatever reason, this would only compound.
