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Bitcoin Cash Researchers Propose a New Transaction Ordering Rule

June 14, 2018 |

Bitcoin Cash Researchers Propose a New Transaction Ordering Rule

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.

Also read: Crypto and Virtual Reality Meet in Ken Liu’s Science Fiction     

A New Transaction Ordering Rule Proposed for Bitcoin Cash

Bitcoin Cash Researchers Propose a New Transaction Ordering Rule
Researcher Joannes Vermorel (Lokad).

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.

Bitcoin Cash Researchers Propose a New Transaction Ordering Rule
CTOR can make block propagation more efficient and enable the possibility of ‘chainless apps.’ A higher resolution of this photo can be found at  http://media.lokad.com/bitcoin/taxonomy-schema-2018-05-07.pdf 

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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The post Bitcoin Cash Researchers Propose a New Transaction Ordering Rule appeared first on Bitcoin News.

Bitcoin News

Bernie Sanders Will Propose Jobs Guarantee

April 25, 2018 |

Bernie Sanders is working on a plan that would allow the federal government to guarantee a $ 15-per-hour job, plus healthcare benefits, to every worker in the US “who wants or needs one,” per an early draft of the proposal obtained by the Washington Post . The jobs guarantee would encompass projects…
Newser

Airlines propose long list of rules to kill or revise as part of Trump deregulation initiative

March 18, 2018 |

Nearly an hour after her American Airlines flight was scheduled to leave Honolulu International Airport, passenger Lisa Hill heard the pilot announce that a maintenance problem would delay the takeoff.

The pilot gave fliers the option of getting off the plane but Hill, who was flying to Boston…


L.A. Times – Business

Unions at the Disneyland Resort propose ballot measure to raise wages for workers

March 3, 2018 |

A coalition of unions that represent workers at the Disneyland Resort is proposing a ballot measure that would force the theme park and other Anaheim employers that receive city subsidies to pay workers a living wage.

The measure, submitted Thursday to the Anaheim City Clerk, would require the…


L.A. Times – Business

Georgia Lawmakers Propose Tax Amendment That Allows Bitcoin Payments

February 26, 2018 |

Georgia Lawmakers Propose Tax Amendment That Allows Bitcoin Payments

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.

Also Read: Nasdaq-Listed “Blockchain” Companies Hit With New Legal Troubles

The State of Georgia May Allow Residents to Pay Taxes in Bitcoin  

Georgia Lawmakers Propose Tax Amendment That Allows Bitcoin PaymentsTwo 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.

Bitcoin News

TMZ

Danica Patrick & Ricky Stenhouse Break Up After Driver Refuses to Propose

December 18, 2017 |

Danica Patrick is officially single … her 5-year relationship with NASCAR driver Ricky Stenhouse Jr. is over after the guy publicly pumped the brakes when it came to marriage.  How do we know? Because Danica shared her frustration about the…

TMZ.com

EU Poised to Propose 30% CO2 Emissions Cut

November 8, 2017 |

The EU is poised to propose a 30% cut in carbon-dioxide emissions from cars and vans in the decade through 2030, setting the stage for tough negotiations with auto makers fighting for lower targets and environmentalists pushing for greater reductions.
WSJ.com: What’s News Europe

Man Learns Hard Way Not to Propose Over Body of Water

September 13, 2017 |

It started with a wedding proposal and ended with a dozen churchgoers up to their armpits in pond water. The Kansas City Star reports Maddie Villareal was supposed to be filming a romantic engagement between her friends Seth Dixon and Ruth Salas Saturday in Kansas City’s Loose Park. Her cellphone…
Newser

TMZ

‘Bachelorette’ Contestant Peter Kraus Tells Rachel Lindsay He Might Not Propose

July 11, 2017 |

Rachel Lindsay got treated to a harsh truth on “The Bachelorette” from one of her favorite suitors … with him telling her he won’t propose if he isn’t ready. Fan fave contestant Peter Kraus got brutally honest with Rachel on Monday night’s…

TMZ.com

You Heard It Here First: Trump May Not Propose A Budget Next Year

December 4, 2016 |

The Trump administration is seriously thinking about not submitting a budget to Congress next year . Although the Congressional Budget Act requires the president to submit the fiscal 2018 budget to Congress between January 2 and February 6, Trump could easily say that it was the responsibility of the outgoing Obama […]
Forbes.com: Most popular stories