Topic: Bitcoin nanopayments library in Node (Read 1511 times)
Thanks Mike! Jevon and Casascius pretty much came up with the protocol, I just implemented it. I'll take credit for that though!
Very interesting work and neat protocol, congrats.
Hi Jeff, thanks for taking a look! I will definitely switch to use those libraries; they look much better than the current solution that I have shitpatched together.
It's still very much alpha-stage, but it should be usable if anyone wants to start developing applications that make use of nanopayments. I would love any feedback on documentation clarity, bugs, feature requests, or anything else about it! So, yeah... have at it! 
Apparently not, that refers to the OP's version.
So,
Bob creates a transaction that pays 0.01 BTC from himself to
Bob says to Alice "Create a transaction which pays 1 BTC to me and is paid from
With "anyone can pay", Alice can add extra inputs without invalidating Bob's signature, but she can't change the output (sending the money to Bob).
Alice sends the transaction to Bob.
If
The risk is that Alice will submit a transaction spending the input at the same time she sends the transaction to Bob. However, she doesn't know which of the 1000 transactions is the valid one.
Cost to double spend: f (since you have to pay the BTC fee to add the transaction in the block-chain)
Benefit of double spend: V / N (since that is the expected loss of not double spending)
As long as f > V / N, then it isn't worth double spending. The means that N has to increase as the value goes up. Ironically, the transaction fee makes this service useful and also adds to its security.
That's pretty cool.
FYI,
https://github.com/gasteve/node-base58
https://github.com/gasteve/node-libcoin
Should be no need to create/duplicate base58 or bitcoin code, in node.js applications.
https://github.com/gasteve/node-base58
https://github.com/gasteve/node-libcoin
Should be no need to create/duplicate base58 or bitcoin code, in node.js applications.
I'm working on a probabilistic nanopayments library in Node: https://github.com/hi-entropy/bitcoin-nanopayment
It's an implementation of jevon's idea from this thread: https://bitcointalksearch.org/topic/sustainable-nanopayment-idea-probabilistic-payments-62558
It's still very much alpha-stage, but it should be usable if anyone wants to start developing applications that make use of nanopayments. I would love any feedback on documentation clarity, bugs, feature requests, or anything else about it! So, yeah... have at it!
It's an implementation of jevon's idea from this thread: https://bitcointalksearch.org/topic/sustainable-nanopayment-idea-probabilistic-payments-62558
It's still very much alpha-stage, but it should be usable if anyone wants to start developing applications that make use of nanopayments. I would love any feedback on documentation clarity, bugs, feature requests, or anything else about it! So, yeah... have at it!
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