Author: Mike Hearn 2014-06-16 15:48:28
Published on: 2014-06-16T15:48:28+00:00
A proposed solution to attempted double spends on the Bitcoin network has been implemented as a Github pull request. While this scheme may be able to solve some types of double spends, it cannot protect against ones done by corrupt miners. The motivation behind the proposal is to act as a backup in case the current double spending protections on Bitcoin are deemed too weak. This introduces a notion of centralised trust as a layer on top of the Bitcoin protocol, but only for cases where it would be useful. Payment processors such as Bitpay and Coinbase will consider this, while individual mobile wallet users may struggle with the complexity. If native Bitcoin cannot work well enough in these scenarios, the market may become centralized around a handful of payment processing companies.
Updated on: 2023-06-09T00:05:16.082246+00:00