3 ms·
I do think there's a use case for zero-confirmation transactions which, although are not settled fully, have to pass a long list of acceptance rules to be fully
by spmurrayzzz 6y ago
I do think there's a use case for zero-confirmation transactions which, although are not settled fully, have to pass a long list of acceptance rules to be fully propagated to the mempool across the network. While this doesn't have the full double spend protection that you get after 6+ confirmations— its arguably reasonable enough to use network mempool quorum for buying a cup of coffee.
Beyond that though, there are a number of solutions at layer 2 that can be used here as well, lightning network being the most widely used at this point.
- Robotbeat 6y agoRight. The solution to small transactions is to use another thing which is not Bitcoin (although I suppose if you felt like it you could denominate it in Bitcoins without settling the transaction...). And/or compromise on the decentralized trustlessness thing.
- spmurrayzzz 6y agoWell thats not entirely true. Lightning network _does_ use bitcoin smart contracts settled on-chain as a way to provide more liquidity for efficient payment routing. So it is bootstrapped to the same decentralization/trustlessness (mostly). The analogy here is that its like saying: using TCP (layer 4) for transport reliability isn't giving up on IP (layer 3), its building on top of it. You still get the benefits of the basal level protocol.