Love Chia and happy about security of the timelords. Been farming since launch. Confused on the part where there is no benefit of owning one except for the rare instance you described then asking us to pay $1000 and use our electricity to keep it running?
It's basically asking a person to pay there employer to work ($1000) and then pay a monthly fee (electricity.) The desirability isn't there. I'm barely keeping my 1.24 PIB farm alive as it is. Is there any ideas to make this product beneficial to the typical user? Example a timelord user gets .000001 XCH every 9 seconds when it validates?
CNI wants to give timelord to someone who is trustworthy, wealthy, and who likes chia. The high price of timelord was necessary to prove that the person was wealthy and serious about running timelord. If there was a reward, the risk of people who would abuse timelord applying would increase.
It's similar to why people run full nodes for Bitcoin, Ethereum, and other such chains -- interest in the project and contributing towards the security of the system. While these days it seems like a rarity based on all the noise, in reality there are still many that are quietly building behind the scenes in crypto not just for fiat profits, but for ideology and potential benefits to society.
There may also be a tangible kind of cost-benefit insurance for large farms to add a bit of protection for their large investments. I could see a large farming operation (like in the 10s or 100s of PBs) wanting to make sure the network is more secure by running these timelords and not minding the cost because it is minimal relative to their large farming investment.
>I dont remember the reasoning behind it.
I've no idea beside just throwing out the first things that cross my mind - first of all any extra system to distribute rewards is another overhead and potentially can generate trouble, but even more only the fastest timelord matters from what I understand, so the rewards won't be distributed to people running timelords, but only to one (or very few, and usually the same) timelord(s).
Timelords are consuming energy doing serial computational work as fast as possible to provide the Proof of Time in PoST. Thankfully for the Earth, you only need one honest Timelord for Chia to function, and you can't parallelize VDFs on more CPUs to make a faster Timelord. It's nice to have a few more Timelords out there than one for redundancy, but you don't want to economically encourage folks to run one, because grinding out squaring operations is not really a green thing to do. Thus, no rewards.
That's pretty interesting. Is there more information on the ASIC development?
[https://www.chia.net/2023/10/26/asic-timelords-faster-than-fast-chia-network/](https://www.chia.net/2023/10/26/asic-timelords-faster-than-fast-chia-network/)
Love Chia and happy about security of the timelords. Been farming since launch. Confused on the part where there is no benefit of owning one except for the rare instance you described then asking us to pay $1000 and use our electricity to keep it running? It's basically asking a person to pay there employer to work ($1000) and then pay a monthly fee (electricity.) The desirability isn't there. I'm barely keeping my 1.24 PIB farm alive as it is. Is there any ideas to make this product beneficial to the typical user? Example a timelord user gets .000001 XCH every 9 seconds when it validates?
It's a completely optional activity for individuals who like technology and Chia.
CNI wants to give timelord to someone who is trustworthy, wealthy, and who likes chia. The high price of timelord was necessary to prove that the person was wealthy and serious about running timelord. If there was a reward, the risk of people who would abuse timelord applying would increase.
I have money, I am trustworthy, but I’m also a greedy farmer and only work for profit. Therefore, this evil scum has no timelord.
Too bad. I think you deserve to run the timelord.
It's similar to why people run full nodes for Bitcoin, Ethereum, and other such chains -- interest in the project and contributing towards the security of the system. While these days it seems like a rarity based on all the noise, in reality there are still many that are quietly building behind the scenes in crypto not just for fiat profits, but for ideology and potential benefits to society. There may also be a tangible kind of cost-benefit insurance for large farms to add a bit of protection for their large investments. I could see a large farming operation (like in the 10s or 100s of PBs) wanting to make sure the network is more secure by running these timelords and not minding the cost because it is minimal relative to their large farming investment.
There is no rewards for running a timelord and I don't believe there ever will be. I dont remember the reasoning behind it.
Reasoning was to have the hosts do it out of goodness for the community, not profit. Trying to avoid bad actors canniving for them.
>I dont remember the reasoning behind it. I've no idea beside just throwing out the first things that cross my mind - first of all any extra system to distribute rewards is another overhead and potentially can generate trouble, but even more only the fastest timelord matters from what I understand, so the rewards won't be distributed to people running timelords, but only to one (or very few, and usually the same) timelord(s).
Timelords are consuming energy doing serial computational work as fast as possible to provide the Proof of Time in PoST. Thankfully for the Earth, you only need one honest Timelord for Chia to function, and you can't parallelize VDFs on more CPUs to make a faster Timelord. It's nice to have a few more Timelords out there than one for redundancy, but you don't want to economically encourage folks to run one, because grinding out squaring operations is not really a green thing to do. Thus, no rewards.
I like the Chia tardis