Author: Kevin Greene 2015-05-05 02:23:09
Published on: 2015-05-05T02:23:09+00:00
On May 3, 2015, Peter Todd shared his replace-by-fee patch for the v0.10.1 release of Bitcoin Core. The patch changes the behavior of nodes to accept transactions with the highest fee, aligning node behavior with miner incentives and creating a more efficient transaction fee marketplace. Replace-by-fee also allows for double-spending "stuck" transactions with higher paying versions of themselves, making zeroconf transactions economically secure through economic incentives. Additionally, adopting replace-by-fee can avoid the development of an ecosystem that relies heavily on large miners punishing smaller ones for misbehavior. Installation involves compiling the replace-by-fee-v0.10.1 branch and running the node normally, with debug logging enabled to see messages indicating that a node is replacing transactions with higher-fee paying double-spends. Nodes advertising service bit 26 from the experimental use range are replace-by-fee nodes, while Bitcoin XT nodes advertise service bit 1 for their getutxos support. Finally, if one does not want to advertise that they are running a replace-by-fee node, they can checkout an earlier commit in git.
Updated on: 2023-06-09T19:27:22.309237+00:00