Topic: Zero-Confirmation Transactions made possible through Relay Chains! (Read 266 times)

Double spend is prevented in the Two-Factor Proof of Knowledge signature scheme which is a form of a commit reveal type transactions, if you take a look at the scheme you see that the sender has to acknowledge the receivers address before being able to reveal their secret key(once in the mempool) in the way the signature scheme works multiple attacks are prevented.

Also yes you can say that Zero-Confirmation transaction and instant transactions are generally the same, this is due to the fact that once a transaction has been broadcasted to the network one has to be sure that it will securely be broadcasted and not be dropped off the block in any manner, thus from this security you can be assured to spend the funds before all the nodes have had a chance to fully verify the transaction.

Let me explain it in more depth,

In Bitcoin or any other blockchain out at the moment we do not see the security to be able to use Zero-Confirmation Transactions due to the fact that all current blockchains verify transactions on a block to block basis. When I say block to block is due to the fact that the winning miner uploads a block and the validators have to take the time to verify that this block is valid and non-malicious.

So say you sent a transaction to the network and Miner A verifies your transaction on his block, Miner B's block could have totally different transactions on his own block, you as a sender or the receiver can not securely say that even though Miner A was able to succesfully verify your transaction on his block, that Miners A's block will be the winning block.

One can see that there is a huge problem verifying transactions on a block to block basis it does not provide security.

Still now with the use of Relay Chains we can see a future where transactions can be verified on a transaction to transaction basis,

this is saying that if you decide to broadcast a transaction to the network that all nodes verify your transaction first before the block is uploaded, so one chain can hold all blocks in wait, and all those blocks that have been verified will be sent to the mainchain to be stored permanently. Now you the sender and the receiver can be assured that once your transaction has been picked up by the network that your transaction will for sure be processed with no worries as there is now security that your transaction is to be processed.


So if you notice the difference in other blockchains concensus is reached after validators verify a block, in the concept that Scroda provides, concensus is reached on many levels before the block is even uploaded.

So now say you the sender sends a transaction to be broadcasted, the sender can instantly verify if it is true before all nodes have a chance to, if the receiver sees that it is true he can be assured that it will be uploaded and thus having instantly verified the transaction once you have broadcasted it, if the receiver sees that the calculations are not true he will know that it will not be processed once the time comes for nodes to reach concensus as the nodes will see that it is a false transaction.

Now this is where you will see the differentiatin between Zero-Confirmation Transaction and Instant Transactions

in Zero-Confirmation Transactions one can be assured that a transaction will be processed from the security provided on transactions, still this does not mean that it will be processed instantly on the blockchain.

Still the receiver can instantly verify the transaction himself if needed once you have broadcasted it to see if it is true or not thus allowing the receiver to instantly be assured if the transaction is valid or not and if it is he can be assured that it will be processed on the blockchain.

I will work on writting a blog on the matter, as I have come to the realisation that not many know the difference between Zero-Confirmation and Instant Transactions, you do not want a blockchain to reach concensus instantly because there will be very little security, you want the seucrity to be there from the start in which the receiver can instantly verify the transaction on his own and be assured that all nodes will process it.

 
 

What about the possibility of the double spends? I just will try to read  it as soon as possible. Zero confirmation transaction is the same as instant transaction, right?
just curious about that and thanks a lot for all of the links especially scroda github and very useful.

Any other inputs are welcome

Cool, this the is the github.

https://github.com/UnruffledST/Scroda

you can find the stages that we plan on going through, even though we currently do not have any code contribution.

Still I thank you for taking a look into it as most just do not bother, it is only hey are you making money yet

While I find the protocol level of blockchains to be the most important I really believe that relay chains can bring new advancements in the blockchain space in which allows for two-factor proof of knowledge a new quantum resistant algorithm and allows for us to verify transactions on a transaction to transaction basis thus making transactions more secure before being placed permanently on the blockchain.

Well I am still trying to do my study on the project to see whether they will actually be no problem we would encounter in the future, because the problem with all this project is that they begin to work fine from the inception of the project, but it gets to a stage when we begin to see this Blockchain encounter problems that might call for an hard fork in the Blockchain, this is why everything needs to be checked thoroughly before coming to conclusion.

Bump, would like to start some discussions on the matter.

Many projects are aiming for high TPS such as Ethereum which in reality would turn the project into sh!t with the decreased level of protection on transactions, as if a 51% attack isn't already bad enough.

If we where to focus on securing transactions on the blockchain from the get go we would be able to achieve zero-confirmation transaction in which in reality would beat any TPS as transactions can be securely verified instantly.

One of the main reason zero-confirmation transactions can’t be performed on the blockchain to date is because of a 51% attack in where a malicious miner can upload a malicious block through having obtained the majority of the hashing power on the network.

It is to note that a 51% attack mainly occurs because there is not order of events in which calls for the need of someone to upload a block in which others can verify to be true, still because of this method most/all miners move to this new malicious block in which once they find it to be a malicious block it would already be to late in which would then call for a hard/soft fork from the community.

In order to combat a 51% attack Scroda is taking the approach of verifying transactions on a transaction to transaction basis instead of a block to block basis and in order to do so a order of event would need to be established and this can be done now thanks to the introduction of relay chains.

Combating a 51% attack could provide for zero-confirmation transactions, read more below.

https://medium.com/@scroda/zero-confirmation-transactions-transaction-relay-verifications-and-relay-chains-all-providing-f071de2b9723

Let me know your thoughts.