Turning back the clock on timechains - a follow-up
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In 2015 I introduced the concept of a timechain as a solution to certain trust problems in smart contracts to mixed reviews. People like Greg Maxwell pointed out the uncertainty in the design which is something that would have made the timechain unsuitable for complex contracts whereby the timing of the clock needs to be within a certain range of accuracy .
But thinking about this some more I think there’s some very obvious solutions to this problem. There’s two main issues with my proposal:
- Serial hashing can be sped up on processors with faster clock speeds so the timechain will be broken faster than expected and
- The initial trust required in generating the chain.
Problem number 1 really needs to be considered in the context of two very
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