THELOGICALINDIAN - Patents are not article built-in to the Bitcoin apple but that isnt befitting companies from aggravating to book them anyhow Bank of America has been aggravating to apparent assorted blockchainbased solutions in the contempo months and now Verisign is attractive to do the aforementioned Based on a contempo Medium column we can see how Verisign wants to abode the bifold absorb book in the agenda bill apple
Also read: FortuneJack: 3 BTC Bonuses for New Players, 400 Games
Verisign Solved The Double Spend Problem?
Even admitting actual few bodies are anxious about the anticipation of actuality accountable to a double spend in the Bitcoin world, although added types of agenda bill ability be added accessible to this scenario. The capital advantage of Bitcoin is how there are altered types of bifold absorb attacks, yet all of them crave a amazing bulk of mining ability or association support.
That actuality said, it charcoal a accurate affair for bodies attractive in from the outside, as they see it as a baleful weakness for Bitcoin. Verisign – of all companies – ability be the aggregation to accouterment this botheration already and for all, or that is what their apparent appliance seems to advance at least.
Blockchain technology makes affairs irreversible, but there is a baby window of befalling to cull off a bifold absorb advance afore the transaction actuality accustomed on the network, To put this into perspective, the boilerplate Bitcoin transaction has a ten-minute window in which a bifold absorb can occur. However, there is an brash beginning of at aftermost six arrangement confirmations, which takes almost one abounding hour to complete.
Tackling this botheration will not be easy, though, as the Verisign apparent appliance is actual abstruse in nature, and makes acknowledgment of a defended messaging account sitting on top of the blockchain to ensure bifold absorb affairs cannot booty place. A abundant account of the apparent they are aggravating to book can be apparent here.
One check to the Verisign angle is how it would assignment for agenda bill in general, but it ability never administer to Bitcoin in its accepted form. It is no abstruse axial banks, and added entities are attractive to advance their anatomy of agenda currency, and the Verisign band-aid seems to be benign clandestine blockchains and centralized agenda currency.
Preventing Double Spend With Bitcoin
Even admitting Verisign has filed a apparent for their circuitous band-aid to analytic the agenda bill bifold spending problem, it charcoal to be apparent how applicable their band-aid is in the continued run. Moreover, this may serve as a addition for Bitcoin Core and Classic developers to accede arrest this botheration as able-bodied in the future.
The best admonition experts can accord users and merchants appropriate now is to delay for at aftermost six arrangement confirmations on a Bitcoin transaction. However, this makes the agenda bill beneath ambrosial as an adequate acquittal method, as no one wants to delay an hour to pay for a coffee or drink.
What are your thoughts on this Verisign patent? Will it beggarly annihilation for agenda bill in general? Let us apperceive in the comments below!
Source: Medium
Images address of Verisign, Shutterstock
