BCH Community 0 confirms that new progress has been made

BCH Community 0 confirms that new progress has been made

Validation of 0 has been a hot topic of discussion in the BCH community for some time. The BCH community has been doing research to improve the security of 0 confirmation transactions, hoping that it can be widely promoted in the BCH network. So far the BCH community has made some progress in this regard.

0 confirmed transaction means that the transfer has been sent to the network for broadcast, needs to be linked up but has not been linked up yet, and is expected to be packaged and recorded on the blockchain in the latest block. Because zero-confirmation transactions are delivered in seconds, which greatly improves transaction speeds for merchants and users, it is seen by many as the key to promoting wider recognition and adoption of cryptocurrency. However, some community members believe that accepting 0 confirmation transactions is a double risk, as similar incidents have occurred in both BTC and BCH networks.

BCH Community 0 confirms that new progress has been made

In fact, about 0 confirmed transactions, Satoshi also published his own views. In a discussion titled “Bitcoin Snack Machine” on Bitcointalk.org in July 2010, Satoshi nakamoto stated, “I believe it is possible for payment processing companies to provide fast distributed processing of transaction information with high quality inspection in 10 seconds or less. The network nodes only accept the first version of the transaction they receive and include it in the block they are trying to generate. If when you broadcast a transaction, someone else simultaneously broadcasts the double cost, then there will be a race to see who broadcasts first to most nodes. If there is a small lead, it will spread geometrically faster through the network and get most of the nodes.”

Although 0 confirmation transactions were originally proposed for Bitcoin, they are widely used on the BCH network. The BCH community already has many merchants adding 0 confirmation transactions to their services. These include Cryptonize.it, Bitasia Exchange, Keys4coins, Bitpay, SatoshiDice, Mini-pos, Lieferando, etc. And the BCH community is studying how to better address the risk of double flowering.

Back in 2015, Bitcoin developer Mike Hearn discussed some solutions in a paper called “Bitcoin’s Double Spending and How to Make it Harder.” In the paper, he discussed ways to introduce relay networks into BCE, which was later removed by Core developers. Although suppressed by Core, Hearn and Tom Harding kept it in Bitcoin XT. Tom Harding, lead developer of Bitcoin XT, has been working on this topic based on BCH and introduced the relay network during his talk “Nativerend Resistance” at Satoshi Vision Conference in Tokyo.

Secondly, some researchers propose that special transaction output mechanism can be constructed to solve this problem. If the system finds two different transactions with the same output, the private key of the signer is exposed.

Finally, there are two protocol development proposals that will also support 0 confirmation transactions on the BCH chain. Openbazaar developer ChrisPacia has written a proposal called “double spending alert”, which proposes a BCH network message that alerts nodes when unconfirmed transactions double spend. Pacia points out, however, that this is just a test that will not stop all types of double blooms and that “further technical improvements are needed”. The BitcoinUnlimited team came up with an approach called “Creation and Forwarding of double flower proofs”. By receiving evidence of double spending, sellers can more quickly learn about attempts to defraud them and take appropriate action — which will make bitcoin Cash’s zero-confirmation transactions safer and make it more widely accepted.

Therefore, there are many ways to warn and prevent double flowers. Moreover, merchants can also improve the security of zero-confirmation transactions through the trust network, so zero-confirmation transactions are not impossible. Compared with BCE’s blindly suppressing, BCH is more willing to solve the problem through some methods and carry out the zero-confirmation transaction. Once the double-spending problem is solved, zero-confirmation transactions will be widely used. That would be a real victory for decentralization, because it would lay the foundation for the BCH to become the best widely used currency in the world. Refer to the link: https://news.bitcoin.com/bitcoin… ation-transactions/