156 sats \ 0 replies \ @nullcount 18 Jan \ on: Time-based currencies crypto
There's been some attempts to use time as money.
Time banking is a form of barter. Barter is inferior to money.
We can create a new kind of time-based currency...
Why should I use time for currency when I can use money as currency?
[In Bitcoin], real world time is related to [block] height and height is related to the [block subsidy], [therefore, by the transitive property] real world time is related to the [block subsidy] as well.
Sounds right to me.
One thing to note about these [timechains] is that whichever starts first will forever map more real world seconds than any network that starts after it.
So... Bitcoin is the best clock because it was the first?
Grin is like bitcoin except it makes a new token every second forever.
I don't understand why issuing the money every second is fundamentally simpler/better than doing it every 10 mins? We aren't using time as currency after all, the money (token) is the currency. Tokens can be subdivided into smaller units as needed.
By the way, Grin technically mints 60 new tokens every minute. So their block time is 1-min not 1-second. The reason a good blockchain cannot have 1-second blocktimes is that it still takes time for the new block to propagate to nodes around the earth. Only a highly centralized blockchain that runs on only a few computers which are geographically close to one another can achieve a 1-second block-time.
Here's some related reading: https://dergigi.com/2021/01/14/bitcoin-is-time/
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