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Author Topic: Fast transactions with double-spend attack detection  (Read 779 times)
max
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August 07, 2011, 08:07:13 AM
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Is anyone working on implementing fast transactions with double-spend attack detection as proposed by Satoshi?

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Utilize a 'listening' period 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
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August 07, 2011, 09:01:19 AM
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Until there is a viable solution to allow for this instawallets green address technique shows promise.


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