Why Ethereum Block Confirmation Times Should Be Reported as “Estimated”
Ethereum block confirmation times have long been a source of frustration for both users and developers. It is often criticized that the estimated 10-minute time frame is woefully inaccurate, with transactions often taking hours or even days to confirm. However, in this article, we will examine the reasons behind Ethereum’s current system and why it should report block confirmation times as “Estimated.”
Current System: A Chronology of Inaccuracy
In Ethereum, block confirmation times refer to the time elapsed between the moment a transaction is first seen by the blockchain network (known as “time to confirmation”) and the moment it is actually confirmed. The current system is based on a timer that counts down from 10 minutes after the first transaction is seen. When the timer reaches 0 minutes, it switches to “Unknown/Never.”
Although this system has been around for several years, it is clear that it is not reliable or accurate enough. According to various reports and community feedback, block confirmation times are often much longer than expected, sometimes taking hours or even days to complete.
Why does the lock confirmation time have to be listed as “Estimated”
So why should Ethereum’s block confirmation time be listed as “Estimated” and not just 10 minutes? There are several reasons for this:
- Variability: The time to confirmation can vary greatly depending on network activity and congestion levels. When there is high demand or traffic, the lock can take longer to complete, which can lead to inaccurate estimates.
- Uncertainty: The estimated confirmation time only provides a rough estimate of when a block will be confirmed. In reality, the time to confirmation can be much longer due to various factors such as network congestion, the complexity of the smart contracts, and other technical issues.
- Inaccurate picture: Simply reporting 10 minutes as “Estimated” is not an accurate picture of the situation. This means that the block confirmation time is predictable, when in reality it can be much longer.
Benefits of reporting lock confirmation time as “Estimated”
Reporting block confirmation time as “Estimated” would have several benefits:
- Increased accuracy: By recognizing the variability and uncertainty associated with block confirmation time, users and developers can better plan their transactions and avoid waiting for blocks that will take a long time to confirm.
- Improved user experience: Accurately estimating block confirmation time can lead to a smoother user experience, as users can estimate when their transactions will be confirmed without frustration or anxiety.
- Better Network Optimization
: By recognizing the variability and uncertainty in block confirmation times, networks can optimize their systems to reduce latency and ensure fast block confirmations.
Conclusion
The current system of reporting block confirmation times as a “score” may seem like an inconvenient adjustment, but it is actually a crucial step in improving user experience, accuracy, and network optimization. By recognizing the variability, uncertainty, and potential latency in block confirmation times, we can create a more efficient and reliable blockchain network.