Author: Quinn Harris 2013-05-21 16:47:59
Published on: 2013-05-21T16:47:59+00:00
The author proposes the use of lock_time (0xFFFFFFFE) to tag transactions as eligible for replace by fee in order for parties to decide which approach works best for them. The payment protocol can be used to negotiate which method should be used and if the receiving side doesn't see the type of transaction they want, it is considered invalid. The recommended implementation is for nodes to treat all successive transactions that are not eligible to be replaced by fee despite the tag. While burn coins and buyer pays twice with a merchant refund are compelling solutions, they may not work better than the current behavior with double spend notification, especially considering notification does not cost merchants when it works. Additionally, there is a short window of time where a block can be mined before the burn coin countermeasure is received, making it unreliable. However, it is possible to enable replace by fee for those who think it is preferred without harming merchants that wish to use just double spend notification.
Updated on: 2023-06-06T17:49:18.852750+00:00