Block time refers to the approximate time it takes for a blockchain-based system to produce a new block.
What Is Block Time?
Block time refers to the approximate time it takes for a blockchain-based system to produce a new block, dictating the speed of transaction confirmation, which is measured in transactions per second (TPS). When a block reaches completion, it appears on the ledger as a verified copy of a group of transactions, paving the way for another block to sit on top of it to extend the chain. Increasing the block size provides a simple and effective way to lower block time, however, there is a long-running debate on whether this strategy affects a decentralized network’s security. For instance, Greg Maxwell, a BTC contributor, holds that a higher block time is more ideal since it allows enough time to update nodes/computers connected to a distributed platform and lowers the number of rejected blocks. Block time may also refer to the length of time it takes a validator in a blockchain network to solve a transaction hash. While these are time estimates, the actual time depends on the mining difficulty. Block time forms part of the components necessary for improving a blockchain’s scalability. One of the factors that affect block time is network congestion, where too many users are conducting transactions on the network.Note that Bitcoin has a block time of 10 minutes while Ethereum, the second-largest decentralized protocol, has an average block time of 15 seconds.