Author: Stefan Thomas 2011-12-08 22:43:24
Published on: 2011-12-08T22:43:24+00:00
In an email conversation from 2011, Andy Parkins proposed a new idea for Bitcoin transactions. He suggests that when a transaction is first broadcast, it should include the hash of the block it wants to appear after. This would allow miners to add a condition where any transactions outputting new transactions must appear before the new transaction's basis block. This would prevent a scenario where a pooled-account online wallet broadcasts a withdrawal in one block and then in another block, making it into the blockchain, which would be an inconvenience for all honest users. Stefan suggested that hosted wallets can use bitcoin inputs from personal deposits as outputs for withdrawals, but this is not entirely secure. Stefan believes that hosted wallets should keep each account as separate public keys to gain instant deposits and better risk isolation. Overall, the proposal was viewed as thought-provoking, but it seems that the implementation of this specific idea has not been widely adopted in the cryptocurrency world.
Updated on: 2023-06-04T21:48:12.794163+00:00