2018-7-3 14:44 |
Over the past few weeks, zero confirmation transactions have become the talk of the town in the Bitcoin Cash (BCH) community. Several BCH merchants have started accepting zero confirmations lately to help speed up transactions. The concept was discussed by Satoshi Nakamoto, the founder of Bitcoin, during the early days of the industry. Some users, however, remain skeptical and believe that it could create double spend problems in the network.
Satoshi’s Vision on Zero ConfirmsIn July 2010, Nakamoto talked about the zero confirmation (or 0 confirmation) concept in some crypto forums. In a BitcoinTalk post about a Bitcoin Snack Machine, he said:
“I believe it’ll be possible for a payment processing company to provide as a service the rapid distribution of transactions with good-enough checking in something like 10 seconds or less. The network nodes only accept the first version of a transaction they receive to incorporate into the block they’re trying to generate.”
He details that double spends could occur when a transaction is broadcast on a network twice at the same time. In such case, the transaction that gathers the most nodes is preferred. However, when one transaction occurs slightly earlier than the other, it will spread through the nodes quickly and eventually get confirmed faster.
Merchants Move to 0 Confirmations, Social Media Lights UpKeys4coins, Bitasia Exchange, Cryptonize.it, Satoshi Dice, Bitpay, Mini-POS are some BCH merchants that have moved to 0 confirm for speedier transactions. By doing so, there is no need to wait for network nodes to validate each transaction and etch them onto the blockchain. In theory, these could be pending transactions as far as node confirmation is concerned.
A post on Yours.org argues that the term “zero-conf” should be changed to “verified” to suggest to merchants that their transactions are not lost. Some users also argue that the concept is good for small payments, but larger transfers will still need node confirmation instead of 0 confirmations. Twitter conversations around the topic are evenly split between supporters and skeptics. The same is true for Redditors.
On a post regarding BCH acceptance of zero confirmation transactions, a user named “tripledogdareya” wrote:
“If only a portion of miners regularly accept free transactions, claims of 0-conf reliability (limited as it already is) would take a frightful blow. It’s not just free transactions that could have such impact; any difference in minimum fee requirements among large swaths of the network complicates 0-conf. If the BCH community is dead set on promoting 0-conf as a secure and reliable means of transacting, probably best to wait until the vast majority of miners agree to follow the same free-transaction policy.”
BUIP088 or double spend relaying could be the answer to some of these troubles. A proposal reads:
“Accepting unconfirmed transactions as payment for real good and services is known to be risky as the protocol cannot guarantee the payment will not be double spent. One of the easiest ways to double spend an unconfirmed transaction is to exploit a race condition in network propagation. A user can either send the payment directly to the merchant (as in the case of Bip70) or broadcast it to a select group of network nodes while simultaneously sending a double spend either to different nodes or directly to mining pools. In such a scenario it is likely that at least some miners will see the double spend first, creating a non-zero probability that the double spend will get mined, even if all miners are using the first-seen mempool policy.”
Bitcoin Cash Community Moves to Zero Confirmation Transactions Amidst Double Spend Woes was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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