UkoeHB invites community input on radical proposal to eliminate Monero's '10-block-lock'
This is a proposal for eliminating Monero’s 10-block-lock, which prevents users from spending outputs until they are 10 blocks old.
If you are reading this, please first look at it academically before dismissing it out of hand. Yes, the drawbacks may be too severe, but before passing final judgement I would like a useful discussion.
- Allow transactions to have inputs with zero decoys if those inputs are very young (recently added to the chain).
- After a grace period, remove outputs from the pool of eligible ring members if they have been spent in a zero-decoy input.
If implemented, this would be a major change for the Monero ecosystem.
Exchanges like Localmonero and Haveno would be able to deliver a better UX as users would not have to wait 10 blocks (~20 minutes) before spending the received coins.
However, there are some real drawbacks that the community needs to evaluate first:
- When a transaction is constructed, any decoys selected from the most recent ~20 eligible blocks may become provably spent.
- Since input-type-eligibility changes as a function of the block height where a tx gets mined, if a tx lingers in the tx pool for longer than the 20-block grace period, it may become invalid.
This is obviously a compromise between usability and privacy:
This offers a compromise between fast-spends and minimizing the damage those fast-spends can do to ring signature effectiveness.
But would a change so radical also eliminate Monero’s privacy by default property and is this indeed a step in the right direction from a cypherpunk perspective?
The discussion is on-going. Post your comments on Github in MRL #952.
Update 1/8: add link to ArticMine’s perspective (on Monerotopia Ep.47)5.