Author: Jorge Timón 2015-04-28 12:53:58
Published on: 2015-04-28T12:53:58+00:00
In this email thread from 2015, Kalle Rosenbaum discusses the concept of Proof of Payment (PoP) and its potential use cases. He explains that PoP is used to prove credentials needed for a transaction and does not care where in the blockchain the transaction is or if it's in the blockchain at all. One potential use case mentioned is sending a payment ahead of time and collecting the goods after X confirmations. Another possibility is using hot wallet software to facilitate the use of one of N multisig funds. Rosenbaum also suggests that PoP could be used to prove that a transaction could be created, which could have interesting use cases. However, there are concerns about PoP being permanently invalid transactions to remove any possibility of their being mined and spending everything to fees when used in this way, and also in cases involving reorganizations. It is suggested that changing the version number on the PoP to something other than 1 or using a really high lock_time would help make it less vulnerable. Overall, the thread highlights the potential benefits and challenges of implementing PoP in Bitcoin transactions.
Updated on: 2023-06-09T18:30:53.277776+00:00