Author: Peter Todd 2015-06-29 05:07:26
Published on: 2015-06-29T05:07:26+00:00
This document is a proposal for the deployment schedule of Full Replace-by-Fee (Full-RBF) functionality, authored by Peter Todd. It suggests an automatic activation on Tuesday, April 5th, 2016 at 3 pm UTC upon which supporting relay nodes and miners will enable full-RBF mempool behavior on mainnet. Prior to the activation deadline, supporting nodes and miners will support first-seen-safe replace-by-fee (FSS-RBF) mempool behavior. Full-RBF has significant efficiency advantages over alternatives such as FSS-RBF and Child-Pays-For-Parent for a wide variety of common transaction patterns such as fee-bumping and multiple sequential payments, as well as smart contract protocols such as payment channels and auctions. Miner support would let the wider Bitcoin community use the blockchain more efficiently, supporting more transactions per second in less blockchain space. The proposal acknowledges that the ability of decentralized wallets to protect users from double-spends has proven to be near-zero, and large payment providers have shown willingness to consider extreme measures such as entering into legal contracts directly with large miners to ensure their transactions get mined, which is a significant centralization risk. An orderly, planned upgrade is still desirable, and this proposal provides a reasonable implementation that is well-tested with considerations such as DoS attacks taken into account. To maximize engineer availability, the deadline date was chosen to be towards the start of the week, and away from any public holidays. Nine months into the future was chosen on the basis of allowing time for affected companies to plan for the upgrade, without pushing the upgrade unnecessarily far into the future. The proposal includes references and is placed in the public domain.
Updated on: 2023-06-10T01:39:37.772301+00:00