Published on: 2015-05-05T02:23:09+00:00
Peter Todd has released a replace-by-fee patch for Bitcoin Core v0.10.1, which can be found on Github. This new version is essentially a rebase of the previous version and does not introduce any new features. The purpose of the patch is to change the way most Bitcoin nodes accept transactions, aligning them with miner incentives by accepting transactions with the highest fee. This change aims to create a more efficient transaction fee marketplace.One of the main benefits of replace-by-fee is that it provides a solution for "stuck" transactions. With this patch, users can create higher paying versions of these stuck transactions, allowing them to be double-spent and making zeroconf transactions economically secure through economic incentives. By adopting replace-by-fee, the development of an ecosystem that relies heavily on large miners punishing smaller ones for misbehavior can be avoided.The installation process for the replace-by-fee-v0.10.1 branch is straightforward. Users simply need to compile the branch and run their node as they normally would. To see messages indicating that their node is replacing transactions with higher-fee paying double-spends, users should enable -debug logging. It is worth noting that replace-by-fee nodes advertise service bit 26 from the experimental use range, while Bitcoin XT nodes advertise service bit 1 for their getutxos support. This information can help users determine whether they are connected to replace-by-fee nodes or Bitcoin XT nodes.For those who do not wish to advertise that they are running a replace-by-fee node, there is an option to checkout an earlier commit in git. Overall, Peter Todd's replace-by-fee patch for Bitcoin Core v0.10.1 offers a solution to improve the efficiency of the transaction fee marketplace and enhance the security of zeroconf transactions.
Updated on: 2023-08-01T12:20:55.297988+00:00