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Author Topic: Wanted: Discussion about a Bitcoin Idea  (Read 663 times)
dyland
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March 28, 2014, 03:19:16 PM
 #1

Hi There:

I was reading about one of the challenges of the blockchain, and something really struck me.

If I want to buy a cup of coffee, I don't really need the whole network to verify that transaction. It's a real burden to the network.

Wouldn't a service that verified small BTC transactions instantly for the blockchain and took the whatever small risk on itself for a negligible (fraction of a cent USD to a consumer) fee be pretty useful for all parties (could also be monetized as an ad app), consumers, merchants, and Devs?


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UberNifty
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March 28, 2014, 08:29:52 PM
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How would this work in a practical manner?

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March 28, 2014, 08:38:46 PM
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you claim that your transaction is a burden on the network, but give no numbers to support your claim.

why is it a burden? cumulative bandwidth of propagating a few hundred bytes around the world? a few milliseconds of computing power per node?

the bitcoin network was designed to verify and propagate transactions. that is what it is for.

what you are proposing is a clearing house. https://en.wikipedia.org/wiki/Clearing_house_(finance)
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March 29, 2014, 09:42:14 PM
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its not a burden on the network - it was designed for this.

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March 30, 2014, 05:01:19 AM
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its not a burden on the network - it was designed for this.

No it wasn't, microtransactions have worked out because the network hasn't grown to the point where they don't yet.


Along with that, 0-conf tx's are very risky because they are able to be doublespent trivially (or at least will be when Bitcoin matures).

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March 31, 2014, 12:41:45 AM
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If it ever becomes a burden on the network, the easy way out is to raise the value of the minimal transaction, or to request a higher transaction fee. This has been done before.

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March 31, 2014, 02:53:38 AM
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Low-risk (low balance) web wallets will be able to handle small, fast transactions off the main blockchain.

dyland
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March 31, 2014, 12:57:10 PM
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Thanks for the feedback everyone.

Looking forward to more.

Blackcoin ~ 10 second transactions (fastest coin) ~ 100% proof of stake (the first) ~ No wasteful mining (most efficient)
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