Author: Daniel Rice 2014-06-16 16:00:45
Published on: 2014-06-16T16:00:45+00:00
The discussion revolves around the implementation of instant transaction providers or a trust network in the Bitcoin payment protocol. The concern is that if double spends are not resolved, there will be a proliferation of instant providers, leading to a future where users have to choose from limited options or wait for an impractical amount of time before transactions go through. This scenario would resemble the situation with VISA and is not desirable. The proposal is to encourage the proliferation of instant providers while also having a trust network as part of the public ledger for everyone to see. Lawrence Nahum doubts that millions of instant providers will emerge like Certificate Authorities or Credit Card networks. However, Daniel Rice argues that if double spends are resolved, then the BIP extension proposing instant provider signature would be unnecessary. The question is whether people will spread trust instead of consolidating instant transaction providers when time is critical. The solution to this problem lies in finding a practical solution to double spends to avoid a future where users have limited choices.
Updated on: 2023-06-08T23:59:17.579364+00:00