Author: Alex Schoof 2021-06-18 13:44:17
Published on: 2021-06-18T13:44:17+00:00
In a Bitcoin development mailing list, Raymo proposed a solution to improve Bitcoin's transactions per second (TPS) and privacy. The proposal aims to allow million transactions per second by creating a new cryptocurrency named IOUs that run on top of Bitcoin. The design of the system guarantees security through relative fees and cost-of-theft. However, there are concerns about the system's ability to prevent double-spending by the issuer, network latency, and spam filters when using email as the remote procedure call mechanism. Another issue is that nodes need to come to consensus on the right set of "sent notes" to avoid conflicts. Despite these concerns, the proposal's idea seems promising for small transactions, similar to Lightning but without limits or routing protocols.
Updated on: 2023-06-14T22:59:36.298825+00:00