Author: Christophe Biocca 2014-01-22 22:04:05
Published on: 2014-01-22T22:04:05+00:00
The author of the article suggests two optimizations that can improve tps while maintaining anonymity of the network. The first optimization is to keep only the transaction hashes in a block, thereby reducing redundancy and keeping the block size small and easy to propagate. The second optimization involves using CoinJoin to merge transactions from many users for online shopping and banking, which increases the effective transaction rate considerably. However, it requires collaboration between many users in real-time, which induces delays that are unsuitable for POS payments. The author proposes a new type of transaction called Jumbo transactions to serve as a fallback where CoinJoin is not applicable. Jumbo transactions remove the CoinJoin-induced delays while keeping transaction sizes big. The author provides a detailed algorithm for implementing Jumbo transactions, which includes a Jumbo pubkey hash to prevent modification of the transaction. Although Jumbo transactions do not mix coins and thus do not increase anonymity of the network, they offer many benefits such as no wait time for every participant to sign the transaction, backward compatibility with the current transaction system, and more suitable for POS payments. Finally, the author cites several references regarding block propagation time, Bitcoin privacy, and electronic cash system.
Updated on: 2023-06-08T00:37:44.731317+00:00