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Off-chain Bitcoin Micropayments Implemented in Bitcoinj

Sunday 30th, June 2013 / 08:31

The latest improvement to bitcoinj will enable users to make off-block chain micro transactions and has the potential to dramatically reduce the size of blocks going forward. There has been considerable concern about the minimum size of transactions that should be included in blocks. While many voice the opinion that no one should be allowed to police what transactions can be included, it is equally as clear that it is not reasonable for everyone in the world to host every bitcoin transaction on their hard drive. Gavin was particularly excited about the implementation: The block chain recently passed 8GB, a sizable number considering it has to be downloaded over peer to peer communications. The size of bitcoin blocks – the storage unit for bitcoin transactions – depend on many factors, most notably the number of transactions included in it. All other things being equal, a transaction moving 1,000 bitcoins uses the same amount of space as a transaction moving 0.0001 bitcoins. The most significant difference however, is the security required…

The post Off-chain Bitcoin Micropayments Implemented in Bitcoinj appeared first on The Genesis Block.

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