Time-based currencies

I’ve put some time to write down my thoughts on the “grin seconds” references I made. Unfortunately, I can’t find a way to draw graphs on this forum. I know it should be possible because I’ve seen it on delvingbitcoin which uses the same forum software, but it may be a plugin or something. I’ve instead described the idea in the gist below.

As always, there could be mistakes and I’ll appreciate any feedback including “this makes no sense”.

Edit: Note that Grin has an edge-case at the genesis block. It issues 60 units of time at genesis. This makes me believe we’ve accidentally brought this mapping to life by implementing the simplest possible issuance. But I don’t see that as an issue because it makes block issuance consistent, which I believe is also important and the difference of 60s is already lost through time.


Nice article, I’m still spreading the simplicty of time-based crypto like Grin at twitter. A bit sad that GRIN was born too early and not many people are interested in the importance of it to harmonize between inflation and disflation.
Hope GRIN can last long enough until ‘economic guys’ realize our existence.

Nice piece. I also checked the timestamp part on your git, quite interesting, I did not know this would be possible with Grin.

Small addition, your saying

Bitcoin targets a block every 10 minutes.

Why not add Grin as well since that is the topic of interest. And perhaps add ass well somewhere the 60 Grin per minute/block

Bitcoin targets a block every 10 minutes while Grin targets a block every 1 minute. Since Grin create 60 Grin per minute, approximately 1 Grin is created for every second that passes.

Do you have the raw data somewhere, I mea a csv or tsv with block nr, time? I would find it interesting to plot the deviation of Grin time to real time compared to changing difficulty and price to see if I can find any explanation for Grin creating slightly less time than expected.

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I can’t tell for sure, but it could be that people were focused on other things that no one was thinking about this at the time when it was put in place.

The “How” section describes the general concept behind it and mentions Bitcoin just because most people are familiar with it. While we’re familiar with Grin, I worry that mentioning Grin in that section would present an obstacle to those that aren’t familiar. Hence why Grin is only mentioned at the end in the “When” section.

I intentionally skipped Grin’s specific model of 1 minute blocks. I think the chain’s block time parameter is (for this notion at least) irrelevant because as long as you create 1 coin per second, the outcome will be the same.

Unfortunately I don’t. I’m also interested where the difference comes from so if anyone does the math and figures it out, let me know:)