Proposal #3

== DISCUSSION AT https://github.com/crypto-org-chain/chain-main/discussions/522 ==

This proposal fixes a bug that results in validators unnecessarily waiting idle for 5 seconds in between blocks due to timeout_commit being defaulted to 5 seconds. The timeout_commit parameter in node configurations measures how long nodes will wait only after a consensus has been reached before beginning the next block. This timeout ensures that validators other than the 2/3 who reached consensus have a chance to participate in stake rewards.

Fast block times are essential for the mainstream adoption of permissionless blockchains as true decentralized database replacements. Data collected from monitoring the ABCI state history via Mainnet gRPC of dozens of blocks indicates that 99/100 of the bonded validators will be able to keep up with this change without missing any blocks. We thus conclude that the probability of a user being on a validator that is removed from the consensus as a result from this is 1%, or negligible as compared to the benefits of significantly faster blocks.

This proposal would, as a side effect, result in increased stake rewards APY. This is because the block time would be lowered by 3 seconds flat, and as such there would be more blocks per year. Separate proposals to modify the blocks_per_year parameter can be introduced as parameter change proposals.

A YES VOTE means that you are voting to decrease block times by ~3 seconds per block, and increasing the requirements for validators to maintain uptime, performance, and connectivity so as to not be punished for slowing down the network.

A NO VOTE means that you are voting to keep block times in their current state. Validators will not have stringent uptime and performance requirements.