Author: bfd at cock.lu 2017-01-06 02:04:22
Published on: 2017-01-06T02:04:22+00:00
Chris Priest, a Bitcoin developer, suggested an alternative to the mining process in a discussion on the bitcoin-dev mailing list. He proposed that parties should sign transactions and bypass mining altogether, as it would be more efficient and have the same properties as Bitcoin. In response to another user's concern about running a full-node as a merchant, Priest suggested co-using a wallet service with centralized verification or connecting to the mempool of each miner to check if they have the transaction ID. Priest provided links to the mempool APIs of various mining pools, including Antpool, F2pool, BW.com, BitFury, and BTCC. If these services return "True" and do not engage in replace-by-fee (RBF), then it can be assumed with great confidence that the transaction will be in the next block or a block very soon. However, if any of these services return "False," it is possible that there is a double spend floating around, and it is necessary to wait and see if that transaction gets confirmed. The effectiveness of this method relies on mining centralization, which increases the security of zero confirm. If more people mined, calling the API of hundreds of different potential block creators would be required.
Updated on: 2023-06-11T04:58:41.941906+00:00