12 Ways to Measure the Bitcoin Network – s Health
The ultra-resilient bitcoin network is the world’s largest distributing computing project te terms of raw computational power, having long ago surpassed 1 exaFLOPS (1,000 petaFLOPS) – overheen eight times the combined speed of the top 500 supercomputers.
Albeit since enlargening to an amazing Trio.Two zettaFLOPS (Three,200 exaFLOPS), the project wasgoed calmly liquidated from Wikipedia’s list of distributed computing projects. This is very likely due to the fact that the exaFLOPS estimate violates down with bitcoin’s specialized ASICs, since they are not capable of floating-point operations.
Instead, the estimate may be used for estimating how well other supercomputers and distributed networking projects would be able to mine bitcoin, since supercomputers have the capability to perform the oprecht operations used te hashing.
Therefore, today’s fastest supercomputer, China’s Tianhe-2 with a show of 33.86 Pflop/s, would measure at about 0.001% of the bitcoin network.
Monitoring network health
Spil bitcoin matures and starts to rival with legacy retail payments networks like Visa and MasterCard, and wholesale networks like Swift, the health of the decentralized network becomes vital to its show capabilities.
Community webpagina Bitcoin.org does an excellent job of maintaining the historical archive of network status alerts and vulnerabilities.
The assembled report below lists the critical statistics for monitoring the ongoing health of the distributed bitcoin network, covering the measurements significant for reachability, scalability, security and transaction processing speed.
1. The Bitnodes Project
Bitnodes estimates the size of the bitcoin network by finding all the reachable knots te the network. The current methodology involves sending getaddr message recursively to find all the reachable knots ter the network kicking off from a set of seed knots. It performs this polling every 24 hours and displays the results on a world fever ordner of countries, including rankings and version of bitcoin reference client.
The Bitnodes Project launched ter April 2013 with the Bitcoin Foundation’s sponsorship spil a community resource. The project’s latest report can be seen here.
Two. Gegevens Propagation
The information exchange te the bitcoin network is all but instantaneous. Exactly how quick is information being propagated ter the network tho’? Maintained by BitcoinStats, the propagation evolution chart shows the 50th percentile of the inv-messages received by peers (ie: the plot shows the time since a transaction or block comes in the network until a majority of knots has received and processed it).
Three. DNS Bootstrap Servers
DNS seeds are used by almost all bitcoin clients to identify a set of knots to connect to when commencing. The seeds are run by volunteers using a multitude of mechanisms to ensure the returned seeds represent a good sample of knots presently online.
Except for bitseed.xf2.org, the seeds aim to terugwedstrijd knots that are presently online and reachable. Also provided by BitcoinStats, the chart shows results from regular bootstrap attempts using the seeds with the plot indicating the average hourly connection success rate for each of the seeds. The closer to 100%, the better the seed is.
An auxiliary chart with response time of DNS seeds to queries is also provided, which indicates the response times ter milliseconds (ms) elapsed inbetween sending the query and receiving a response.
Four. Network Hashing Rate
Provided by developer Pieter Wuille, this series of graphs display hashing difficulty and the estimated number of terahashes vanaf 2nd (computation speed) that the network is performing for various time windows (1 terahash equals 1,000 gigahashes).
Calculated by dividing maximum target by current target where target is a 256-bit number, difficulty measures how difficult it is to find a fresh block compared to the easiest it can everzwijn be. Difficulty adjusts every Two,016 blocks (or two weeks) and to find a block, the SHA-256 hash of a block’s header vereiste be lower than or equal to the current target for the block to be accepted by the network.
Five. Hash Rate Distribution
This pie chart from Organ Ofcorti is an estimation of hash rate distribution amongst the largest mining pools at a weekly interval. It is significant to monitor because the integrity of the network depends on a single actor not exceeding 50% of the overall hashing power.
A table of solved block statistics lists all statistics that can be derived from the number of blocks a hash rate contributor has solved for the past week. Block attributions are either from primary sources such spil those claimed by a particular pool webstek, or secondary sources such spil coinbase signatures, or known generation addresses.
When dependent on secondary sources only, gegevens may be inaccurate and miss some blocks if a particular block-solver has gone to some trouble to hide solved blocks and this will result ter an underestimate of the block-solver hash rate.
An alternate chart across 24-hour, 48-hour and four-day time horizons is provided by Blockchain.
6. Selfish Mining Indicator
Produced by Coinometrics, this metric attempts to measure the likelihood and prevalence of bitcoin miners engaged te a subset behavior of the ‘Selfish Mining’ strategy, spil described by Ittay Eyal and Emin Gün Sirer te their paper, Majority is not Enough: Bitcoin Mining is Vulnerable.
Since the bitcoin protocol relies on miners following the rules laid out by the software, spil soon spil miners have found a block they need to announce it to the network.
Selfish mining defies this rule, because certain miners, once they have found a block, can withhold it from the network and embark working on their next block. Once they have a number ter their hidden chain, they can release them to invalidate the blocks that the network thought were part of the main chain.
The lower the probability that at least k (actual distribution) blocks will be found te the time represented by the very first bucket, the more likely that miners are engaging ter quick succession behavior under the Selfish Mining strategy.
“One way to estimate the likelihood of such a strategy being implemented is to measure the distribution of the time inbetween blocks against the expected distribution. The rate of creation of bitcoin blocks is determined by how quickly the very first miner solves for a hash meeting the difficulty requirements of the protocol. Every attempt to meet this difficulty has a set probability of being onberispelijk. By definition, the probability is independent inbetween hashes. Spil a result the rate at which blocks are generated should go after an exponential distribution.”
7. Orphaned Blocks
Orphaned blocks are valid blocks which are not part of the main bitcoin block chain. They can occur naturally when two miners produce blocks at similar times or they can be caused by an attacker with enough hashing power attempting to switch sides transactions.
Originally accepted by the majority of the network, orphaned blocks are those that are rejected after proof of a longer block chain is received that doesn’t include that particular block. Te other words, a user could see a transaction spil having one confirmation and then revert to zero confirmations if a longer blockchain wasgoed received that didn’t include the transaction.
8. Dual Spends Monitor
Blockchain maintains a real-time monitor for dual spends detected te the last 500,000 transactions utilizing a 10-minute cache. This could be used to waakzaam users to potentially malicious transactions on the network.
9. Unconfirmed Transactions
Blockchain also maintains this live updating list of fresh bitcoin transactions waiting to be included te a block. The monitor displays total number of unconfirmed transactions, including total fees and total size te kilobytes.
Ten. Average Transaction Confirmation Time
This measures the average (mean) amount of time te minutes that it takes for a transaction to be accepted into a block. Reasonable estimates differ on the amount of time and confirmations for a transaction to be considered cleared and ‘good’, but that adequate risk level would be associated with the transaction’s value.
11. Block Chain Total Size
The block chain total size is significant because of the storage space considerations spil it grows spil well spil the time it takes for initial synchronization after installing the reference client for the very first time. This measurement shows total size of all block headers and transactions not including database indexes.
12. Average Block Size
Measured here te fractions of a megabyte, the block size will become a heated debate once the bitcoin network starts approaching its current throughput limit of approximately seven transactions vanaf 2nd.
Ultimately significant for scalability, the stated block size limit will have to be enlargened, linked to another variable, or remain the same with more confirmations shoved off chain, each path having corresponding implications for decentralization of the system.
Please let us know te the comments section below if wij have omitted any measurement critical to network operations or if any references are out-dated.
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