propose Archives -
This week four Bitcoin Cash (BCH) researchers and developers proposed a different transaction sorting process for the BCH protocol called ‘canonical transaction ordering.’ The proposed method would sort transactions against their identifiers, rather than the current topological transaction ordering rule, making it easier to for the network to process very large blocks.
A New Transaction Ordering Rule Proposed for Bitcoin Cash
Joannes Vermorel (Lokad), Amaury Séchet (Bitcoin ABC), Shammah Chancellor (Bitcoin ABC), and Tomas van der Wansem (Bitcrust) have published a new paper that proposes to change the current topological transaction ordering rule within the BCH network. The paper called ‘Canonical Transaction Ordering for Bitcoin’ argues that a canonical ordering process would be more efficient and allow for better scaling. Currently, consensus rules process transactions in a list form where remote peers forward transactions to their neighbors. The way it works right now the list must be topologically sorted, but if the rule was changed to a canonical method that works with blocks as a set, as opposed to a list, it enables BCH to process very large blocks.
The researchers state that the change makes for some “compelling” use cases.
“First, it allows to produce compact proofs of transaction inclusion/exclusion, making chainless apps more capable,” explains the paper.
Second, it gives a newer degree of control to Bitcoin participants to localize their transaction within blocks.
More Efficient Block Propagation and the Possibility of Chainless Apps
Ultimately the new process would make block propagation and emissions more efficient, explains the proposal. Software implementations are simplified and proofs of transaction inclusion are improved. The researchers detail that the results allow network participants to utilize their bandwidth capacity more efficiently by “propagating as much information as possible ahead of time prior to the emission of a new block.”
The Canonical Transaction Ordering Rule (CTOR) also allows opt-in locality between participants, and could possibly produce innovative ‘chainless applications.’
“The CTOR offers the possibility for any participant to zoom into a block to identify whether a transaction is found or not without processing the whole block,” the proposal emphasizes.
This property is of high interest because chainless apps gain the possibility to verify flows of transactions without being encumbered by an arbitrarily large blockchain.
The paper published on June 12 mainly discusses the importance of alleviating computational load going forward and CTOR could help the chain process giant sized blocks with ease. Bitcoin Cash supporters on forums and social media seemed to favor the idea, and conversed about whether or not this consensus change would be added to the upcoming hard fork slated for November.
What do you think about the proposed method of canonical transaction ordering? Do you think developers should add this idea to the next upgrade this November? Let us know your thoughts on this subject in the comment section below.
Images via Shutterstock, Lokad.com, and Pixabay.
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Residents from the state of Georgia may soon be able to pay their taxes in bitcoin as two senators have introduced a bill that allows digital currency payments for tax obligations and licensure fees.
The State of Georgia May Allow Residents to Pay Taxes in Bitcoin
Two senators from the state of Georgia, Joshua McKoon and Michael Williams, have proposed a change to the Department of Revenue’s statutes for tax collection and licenses. The bill was submitted on February 21, and the goals are similar to recent blockchain-centric bills filed in the state of Arizona — GA SB464 would allow residents from Georgia to pay their tax obligations and licensure fees in bitcoin and other digital currencies.
“The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to bitcoin, that uses an electronic peer-to-peer system,” the text from GA SB464 reads.
The commissioner shall convert payments made in cryptocurrency to United States dollars at the prevailing rate within 24 hours of his or her receipt of such a payment and shall credit the payor’s account with such converted dollar amount.
Move Over Arizona, Georgia Wants to Be a Digital Currency Hotbed
Just recently news.Bitcoin.com reported on the state of Arizona initiating a tax proposal that also allows bitcoin payments. One of Arizona’s bills has already been passed by the Senate Finance Committee. Arizona Representative Jeff Weninger told the press, “Arizona is going to be the place to be for blockchain and digital currency technology in the future.”
The state of Georgia is following Arizona’s lead likely due to the region having a large digital currency community. Georgia is home to a variety cryptocurrency-based companies such as Bitpay, Bitfury, and over 100 BTMs (bitcoin teller machines). Moreover, the state’s capital and the most populous city now has a Bitcoin Embassy. If the bill passes, it will amend the Department of Revenue’s Code Section 48-2-32.
What do you think about the state of Georgia allowing residents to pay licensure fees and tax obligations in bitcoin? Do you think this is a good thing or do you think this goes against the philosophy of bitcoin? Let us know your thoughts on this subject in the comments below.
Images via Wiki Commons, and Todd Rehm 2013.
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The post Georgia Lawmakers Propose Tax Amendment That Allows Bitcoin Payments appeared first on Bitcoin News.
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