[Darkcoin] Transaction Locking and Masternode Consensus (Instant transactions)

illodin

hero member

Activity: 966

Merit: 1003

Quote from: fluffypony on September 20, 2014, 03:01:09 AM

Here's a June 2013 article that describes it: http://www.coindesk.com/green-address-the-solution-to-slow-bitcoin-transactions/

"It does not magically solve the instant transaction problem for everyone. It just offers a way to mark your transactions so that you can leverage your reputation among anyone who recognizes and trusts you"

Does this mean that you can build your trust with bitcoin's green coins for a while and then pull a big one?

Darkcoin's instant tx is trustless.

Kai Proctor

hero member

Activity: 546

Merit: 500

01100100 01100001 01110011 01101000

Quote from: fluffypony on September 20, 2014, 03:01:09 AM

This is what green addresses have been doing for Bitcoin for a few years.

Here's a June 2013 article that describes it: http://www.coindesk.com/green-address-the-solution-to-slow-bitcoin-transactions/

And here's the whitepaper: http://www.bitcoinmonitor.com/static/paper/marker-addresses.pdf

You can already use the instant transaction system with Bitcoin by using the greenaddress.it wallet

But it can't be anonymous and requires trust.

fluffypony

donator

Activity: 1274

Merit: 1060

GetMonero.org / MyMonero.com

This is what green addresses have been doing for Bitcoin for a few years.

Here's a June 2013 article that describes it: http://www.coindesk.com/green-address-the-solution-to-slow-bitcoin-transactions/

And here's the whitepaper: http://www.bitcoinmonitor.com/static/paper/marker-addresses.pdf

You can already use the instant transaction system with Bitcoin by using the greenaddress.it wallet

stealth923

legendary

Activity: 1036

Merit: 1000

Amazing Evan Duffield.

I was even more impressed by the comments on the bitcoin reddit giving kudos to Evan for his revolutionary ideas and constant thrive to improving the crypto world.

Bitcoin is suffering due to its 1.5hr confirmation times and this could be the tipping point where Darkcoins anonmyity and instant transactions finally shines.

Icebucket

sr. member

Activity: 409

Merit: 250

Just finished reading the paper and I must say im really impressed.

Thats what I call a stroke of genius. My hat's off to you Mr. Duffield

qwizzie

legendary

Activity: 2548

Merit: 1245

interesting paper to read, i'm very anxious to see it at work. I'm hoping we can start testing it in a few weeks

CripLib

full member

Activity: 175

Merit: 100

Crypto Liberty

I am so glad to be the proud owner of a Masternode.

Darkcoin is always bringing wonderful solutions and innovations.

Thank you Evan. You are a genius!

.vdb

newbie

Activity: 18

Merit: 0

When this get implemented in darkcoin, this will be cryptocurrency's first real chance of attacking credit card companys.
Cryptocurrency will no longer be just "internetmoney", it will become so much more.

Looking forward with good faith in the darkcoin dev team!

Propulsion

hero member

Activity: 658

Merit: 500

The Buck Stops Here.

You should change the title to "Instant bitcoin based transactions are now possible". Tongue

MyFarm

hero member

Activity: 854

Merit: 1000

If successfully implemented, this will be the biggest advancement in cryptocurrencies since Bitcoin was released.

Kai Proctor

hero member

Activity: 546

Merit: 500

01100100 01100001 01110011 01101000

https://darkcointalk.org/threads/paper-transaction-locking-and-masternode-consensus.2418/

Quote

This paper introduces a new concept called transaction locking and masternode consensus. This technology will allow for crypto-currencies such as Darkcoin to compete with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority. If successful, such an idea could revolutionize cryptocurrency, by shortening the delay in confirmation of transactions from as long as an hour (with Bitcoin) to as little as twenty seconds

Paper : https://www.darkcoin.io/downloads/InstantTX.pdf

Topic: [Darkcoin] Transaction Locking and Masternode Consensus (Instant transactions) (Read 1833 times)