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Title: Fast transactions with double-spend attack detection Post by: max on August 07, 2011, 08:07:13 AM Is anyone working on implementing fast transactions with double-spend attack detection as proposed by Satoshi?
Quote Utilize a 'listening' period (http://bitcointalk.org/index.php?topic=423.msg3819#msg3819) prior to rendering the service or good. This has yet to be formally implemented in the standard Bitcoin client, but would allow a vendor to receive the transaction and then monitor the Bitcoin network for a certain period of time (maybe 10 seconds) for possible double spends. Vendors might utilize specialized payment processors with multiple well-connected nodes for this purpose. As explained by Satoshi, the network nodes only accept the first version of a transaction they receive to incorporate into the block they're trying to generate. When you broadcast a transaction, if someone else broadcasts a double-spend at the same time, it's a race to propagate to the most nodes first. If one has a slight head start, it'll geometrically spread through the network faster and get most of the nodes. Therefore, the longer the listening period goes without a double spend attempt, the far less likely a double-spend attempt will actually succeed. If a double-spend is detected, the vendor is notified: no latte. Myth: Point of sale with bitcoins isn't possible because of the 10 minute wait for confirmation (https://en.bitcoin.it/wiki/Myths#Point_of_sale_with_bitcoins_isn.27t_possible_because_of_the_10_minute_wait_for_confirmation)Title: Re: Fast transactions with double-spend attack detection Post by: BTCSports on August 07, 2011, 09:01:19 AM Until there is a viable solution to allow for this instawallets green address technique shows promise.
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