Author: Mike Hearn 2012-10-02 16:38:12
Published on: 2012-10-02T16:38:12+00:00
The context discusses the requirements for a payment protocol that offers better privacy and security. The proposed approach is to move towards "uploading transactions" instead of "sending BTC to an address". This would help maintain balance between hot and cold wallets, enable multi-sig scripts, and offer better privacy by ensuring that there is no way to link separate transactions together into a single payment. Other desirable features suggested include: SSL certificates, optional expiry times, upload targets, messaging options, opaque tokens, ability to specify payment amounts in other currencies, recurring payments, dispute mediation, suggested tip/service charges, ability to pledge for assurance contracts, minimum confirmation levels, and more. The payment upload side would include information such as a list of Bitcoin transactions that make payments to the requested outputs, the provided opaque token, an optional signature for linking payments across merchants, and optionally, an invoice for a refund. Finally, it is suggested that protocol buffers be used over JSON since they are easier to work with in code, have a more efficient encoding, and have fewer sharp edges than JSON does.
Updated on: 2023-06-06T07:37:51.584868+00:00