Author: Mark Friedenbach 2015-07-02 04:52:57
Published on: 2015-07-02T04:52:57+00:00
A Github pull request has been made to implement the "child pays for parent" functionality in Bitcoin Core. Meanwhile, a BIP draft proposes an enhancement to the reference client that would enable the creation of new high fee transactions that spend unconfirmed transactions with no fees or insufficient fees to be included by miners, allowing recipients to offer nominal transaction fees to have payment transactions swept into the next block. The proposed BIP is motivated by the need to address the incentive inclusion of unconfirmed transactions and could benefit merchants who have little control over the type of wallets their customers use. It would allow merchants to sweep all their POS transactions currently in the mempool into one high fee sweep, thus greatly increasing the chance that they are in the next block. The proposed BIP would have two implementations: an automatic sweep of incoming unconfirmed transaction setting, and a manual sweep of unconfirmed transaction setting. Both would have the ability to set the fee amount the user would like to pay for the sweep. An automatic sweep configuration may be ideal for merchants who want to ensure that their incoming transactions are not skipped over by miners. A manual sweep of incoming unconfirmed transactions would be a special type of "Send" in the current reference implementation. Wallet software that does not support this BIP will continue to operate without modification.The BIP also provides examples of how such a system would work using sample transactions. While the BIP notes that the points regarding sweep transaction UI are out of scope for a BIP, it suggests talking with wallet authors, and if agreement can be found, writing a pull request.
Updated on: 2023-06-10T01:59:05.477303+00:00