So I'm hoping to have a discussion about adding a few features which I hope would improve general user confidence when transacting with bitcoin, improve the income of miners over the longer term and reduce the chance of lost coins in the network due to user error.
- Add the need for a user to "Accept" bitcoin which has been transferred to a new address.
- The receiver of the bitcoin would need to accept the transaction, otherwise the transaction remains in limbo, and after a timeout (see below) is returned to the original owner
- The Accept would be also processed as a transaction and would also incur a transaction fee. Thus users wishing to speed up their transactions and improve their chances of get confirmations sooner they enter the usual bidding war by upping their transaction fee.
- A "Time Out / Expiry" of a transaction if it is not accepted within a certain timeframe
- As specified by the person sending the transaction
- A minimum time out, possibly a day or so worth of confirmations? (eg 144 confirmation in a day)
- A maximum time out, possibly something in the realm of months?
- This helps with peace of mind when people make mistakes by sending to an old address which they may not have control over any more, or sending to an address with a typo (yet is still valid) or sending to some defunct address due to a bad copy paste
- As specified by the person sending the transaction
- Add a "Decline Transfer" functionality, to return funds back to the original owner
- Faster than expiry, as the receiver actively has to be nice to return the funds
- Does incur a transaction fee
- Up to the Owner and Receiver to work out how they go about repaying the receiver for paying the transaction fee (eg, goodness of their heart, or raise the price of their next transaction)
- If no agreement met, then receiver can simply let the transaction Time Out and not have to pay anything.
- Capped Transaction Fees
- Reduce chance of users who dont yet understand how transaction fees are calculated in the current market. Reducing the chance of sending too little or far too much.
- Eg the capped value could be 5x the average of the last day's amount of transaction fees which have taken place? Possibly base it off a count of blocks processed rather than time?
- If the transaction is too little, then rather than Bitcoin remaining in limbo for extremely long periods, their Time Out period would kick in and the funds returned to the owner.
- Reduce the chance that during software development of applications, poor math errors or simply bad user interface design, draining a person's account of funds.
- Possibly even if high outlier transaction fee values is detected during the period as a block is being put together, possibly the reward to the miner is held off for a bit longer and the network flags the transaction fee so its not distributed right away.
- I think back to the poor guy who recently sent a massive amount of value by transactions fees on the Ethiurm network, and we had people who mined the block claim they DID receive their portion of the transaction fee. It would be good if the miner owner could vito the excessively high transaction fee and return the funds.
- Further to the Accept feature; a "passworded" accept feature.
- The person who receives the transfer can only "accept" it if they put in the correct password
- Another level of protection/safety for users who do transactions and may send to the wrong address
- Passwords could be also used by businesses in their own apps or extensions to make sure that transactions from the customer are secure and not being funneled maliciously to the staff member making the sale
- If the password is not correct then the transaction will eventually expire
- Each attempt at accepting the password, incurs a transaction fee.
- Thus if someone sent a transaction to the wrong person, to brute force the Accept Acknowledgment it will cost them significantly, not to mention they have to wait for confirmations to return letting them know weather or not they had the correct password
The above is hopefully some food for thought in regards to making the bitcoin network more tolerant to mistakes either by users or by the applications that use the network.
We all have an idea how hard it is to make a good user interface, how hard it is to program things securely, and we all know what its like to be human, occasionally tripping up and hoping that it wont ruin us.
Sadly the network is ruthless in the way it processes the transactions in its current state, there is no fall back for small errors, and I believe this will slow down uptake of new people coming into the ecosystem.
Over the years we've all heard stories of lost bitcoins, or new people coming into the market are terrified about sending money cause if they fuck it up they are afraid they'll loose it all.
My own experiences over the last few months when dealing with transactions; upgrading wallet software or transferring to and from exchanges. All the time I'm triple checking that I get the parameters right before making the transaction; and its really damn off putting from ever wanting to use crypto as a value exchange simply due to the anxiety or one misclick and I could loose it all! I would love to use this block chain system to buy a house or a coffee, but if I'm worried that I might mash the wrong value amount, I could loose a big chunk of value and have no way to try and get it back, which is terrifying.
I would hope the suggestions above could be programmed in a way so they dont compromise the security that the block chain has already. Conceptually I cant think of many exploits which seem viable, but thats why I'm hoping the community discusses it further below; possibly even conceptualizing ways to break the suggestions and then counting with ways to mold the design so it isn't exploited.
We all want to see our favorite crypto grow, and from talking to many people around me, other than the usual talk of scams and bubbles; there is talk about being worried about loosing their money, or not understanding the system.
I would love the above features to see some sort of implementation, to help boost confidence that the network could be made at a base level to tolerate and not punish users so hard for what would be mistakes of simply being human.
NOTE: I've copied my post that I made in r/bicoin as I'm curious as to what this community has to possibly say differently about the subject also
[link] [comments]
source https://www.reddit.com/r/btc/comments/auk9cm/feature_suggestions_transaction_accept_decline/
No comments:
Post a Comment