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Paper: Transaction Locking and Masternode Consensus

eduffield

Core Developer
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

Full paper can be read at the link below:
https://www.darkcoin.io/downloads/InstantTX.pdf
 
...starting to read...

thx for your work




edit:
...and everyone involved in this. thx
 
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Awesome stuff! It will be interesting to see what effect if any this has on MN min specs - first thoughts are that RAM and CPU are going to take more of a beating than currently, maybe bandwidth too, although I don't see it being a drastic increase.
 
Awesome stuff! It will be interesting to see what effect if any this has on MN min specs - first thoughts are that RAM and CPU are going to take more of a beating than currently, maybe bandwidth too, although I don't see it being a drastic increase.

The potential for masternodes being used for additional services is the reason I tend to overspec.
 
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

Full paper can be read at the link below:
https://www.darkcoin.io/downloads/InstantTX.pdf

All that should be said is "Brilliant".

Tao

#getintothedark
 
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Sounds Amazing !
Great work, thank you guys.

I might need a "translation" (into simple language)
please !

I understand 'instant transactions' ... and then ?
can somebody please pm me !?
tx
 
Thank you Holger, Fernando and, of course Evan, thank you indeed. The last time I was that excited was several decades ago when I saw her for the first time... :wink:
 
Why we need blockchain, when we can use Locking ?
Looks like only last 24h of records of locked transactions will be stored by clients, so blockchain is still needed as a ledger. Also in rare case when masternodes fail to come to consensus on locking, instant tx will fall back to normal proof of work recording. Because we would have instant tx, the block target can be increased to 10 minutes to reduce bloat.

Edit: half talking out my arse though because I need to reread the paper twice more to grasp in its entirety.
 
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