Author: Alex Mizrahi 2015-02-12 14:42:09
Published on: 2015-02-12T14:42:09+00:00
A new payment system called "scorched earth" has been proposed, which would make unconfirmed payments useless. This system would work alongside an insurance service that compensates merchants for any scorched-earth or double-spend transactions, as long as they pay a 0.1% premium from their revenue. Merchants would need to use a specific open-source wallet in order to receive payments, but would not require a trusted third party to process each payment. The details of how this system works are not fully explained, but the proposal suggests that merchants would not need to worry about the technical details as long as they receive their payments.
Updated on: 2023-06-09T17:01:44.338111+00:00