Author: Josh Lehan 2015-02-12 21:40:48
Published on: 2015-02-12T21:40:48+00:00
Josh Lehan believes in the idea of replace-by-fee, if it is applied to a specific subset of transactions that supplement the original transaction. This would solve the problem of stuck transactions, where a transaction takes forever to confirm because one forgot to pay the miner's fee. With replace-by-fee, the sender of a transaction can send it again with additional inputs and outputs to receive the change if any is desired. Josh Lehan thinks that there are good reasons not to allow replace-by-fee as a general policy that can apply to all transactions, but he still believes the idea has merit in this special limited case of supplementing a transaction. Peter Todd's replace-by-fee patch is now available for the v0.10.0rc4 release. The new version includes demo scripts of the functionality and a comprehensive set of unittests under qa/replace-by-fee. Replace-by-fee changes the behavior of Bitcoin nodes to accept the transaction paying the highest fee both absolutely and in terms of fee-per-KB. It aligns standard node behavior with miner incentives: earn the most amount of money per block. Additionally, replace-by-fee makes for a more efficient transaction fee marketplace, as transactions that are "stuck" due to bad fee estimates can be "unstuck" by double-spending them with higher paying versions of themselves. Replace-by-fee gives a path to making zeroconf transactions economically secure by relying on economic incentives. Finally, for miners adopting replace-by-fee avoids the development of an ecosystem that relies heavily on large miners punishing smaller ones for misbehavior. To install the replace-by-fee-v0.10.0rc4 branch, users have to run their node normally. A user can also tell if they are connected to other replace-by-fee nodes or Bitcoin XT nodes by examining the service bits advertised by their peers. If a user does not want to advertise the fact that they are running a replace-by-fee node, they can checkout a slightly earlier commit in git.
Updated on: 2023-06-09T16:57:38.095405+00:00