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Is the purpose of this to lower the amount of transactions heading towards the blockchain ? For example part 1 looks like a way to do recurring payments where
by ianpurton 12y ago
Is the purpose of this to lower the amount of transactions heading towards the blockchain ?
For example part 1 looks like a way to do recurring payments where the receiving party is guaranteed to get their money but they don't need to broadcast a transaction for each payment received.
- maxerickson 12y agoThat's a side effect, but it's more about being able to share control over the funds with the other party without fully committing them. Then they can let you instantly spend them on things. There is substantial complexity, and they would have to monitor all the addresses used to make sure that you don't try to commit an early transaction to the blockchain and bounce the funds out of the shared address. Anyone offering blockchain services should anyway have automatic processes making sure that the blockchain records of their active addresses correspond to their internal accounting, but it is repeatedly the case that these operations don't even do internal accounting.