Author: Tier Nolan 2015-05-07 23:32:12
Published on: 2015-05-07T23:32:12+00:00
Assurance contracts have been suggested as a way to avoid the problem of fees going to zero. One method proposed by Mike Hearn involves miners converting pledges into donations, rendering it ineffective as an assurance contract. However, if miners add OP_CHECKLOCKTIMEVERIFY to transactions, it could solve the problem. For instance, a merchant could create a transaction with one input and one output that pays 50BTC to "OP_CHECKLOCKTIMEVERIFY OP_TRUE" and 0.01BTC to "OP_TRUE." This allows the transaction to be included in a block well in advance of a specified block point, and once that point arrives, any miner can spend the 50BTC. Pledgers could also use this to pledge to many blocks at once. For high-value transactions, it is important to consider all the blocks built on top of the next block.
Updated on: 2023-06-09T20:00:49.127718+00:00