Author: Tim Ruffing 2017-03-06 05:37:24
Published on: 2017-03-06T05:37:24+00:00
In a recent discussion on the bitcoin-dev mailing list, Luke Dashjr proposed a Bitcoin Improvement Proposal (BIP) to standardize fiat currency information in Bitcoin Knots. The BIP aims to simplify the process of interoperation between exchange rate providers and wallets or other software by defining a common format for such data. However, the proposal requires using XBT (as BTC) for Bitcoin amounts, which may not be ideal. While discussing the proposal, a member questioned the need for a BIP as the functionality provided is not special to Bitcoin and can be used in other contexts as well. Additionally, the server should be authenticated to prevent manipulation of exchange rates by attackers. The member suggested simplifying the proposal by allowing the client to choose the time scale of data and clearly defining the type field without flexibility. Pushing may also be more appropriate for "current" rates than polling. Dashjr's draft of the BIP can be found on GitHub, but there are still concerns regarding missing critical components and ways to make the interface better.
Updated on: 2023-06-11T22:00:03.311226+00:00