Blockchain Specifications

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Blockchain Specifications[edit]

  • Target block generation time: 1 minute
  • Block height: 1 kb to 8 mb
  • Fee for private transactions: 0.01 ION
  • Static proof of stake version 3
  • See Sample ION Block

The combination of one minute block time and minimum transaction fees were designed with speed and security in mind. The ample block height allows for scaling as network transaction volume increases. Collectively, these specifications prevent malicious actors from flooding the network with fake transactions, as has happened lately bringing Bitcoin transactions to a crawl (Gautham, 2016). Bad actors can still try to fill large blocks with multiple small transactions, but they will waste their time and money. The masternodes will collect large fees from their failed efforts.

The above content has been copied from the white paper and is subject to change, for the latest version please visit: https://github.com/ionomy/ion/wiki/ION-Technical-Whitepaper