On November 26, Bitcoin Core 24, a long-awaited but contentious upgrade, went live. This opened the way for the Bitcoin memory pool, which will act as a holding area for pending transactions.
If one transaction has a large fee, the memory pool will activate full RBF (Replace-by-Fee) logic. Allowing nodes to accept or reject conflicting transactions.
Prior to this upgrade, Bitcoin Core nodes used “opt-in RBF” logic. In this logic miners would replace a conflicting transaction in the memory pool if it was indicated that the conflicting transaction could be replaced. The BIP 125 update, which was released in 2016, enabled the RBF standard on the Bitcoin Network. The memory pool previously accepted transactions on a first-seen basis before RBF.
In contrast, the Full-RBF present in the current release has been deemed controversial by the Bitcoin community. Is is since it could render zero-confirmation transactions obsolete. Additionally, the bulk of detractors believe the new feature will promote double-spend assaults. And also force zero confirmation programmes like Muun to turn off the feature for thousands of users.
Thomas Fahrer, a co-founder of Appolo, claims that adding the Full RBF to Bitcoin makes accepting zero-confirmation payments riskier because it raises the possibility of encountering double-spend attacks.
The term “zero confirmation” broadly refers to the blockchain accepting a Bitcoin transaction before the miner-validated version. These trades are typically both safe and beneficial. The change has a detrimental effect on these transactions. Because miners can now easily switch them out for ones with higher fees.
For instance, Muun wallet enables bulk lightning payments by grouping unconfirmed transactions into blocks to generate underwater swaps.
The entire Replace by Fee mechanism’s objective is to raise transaction fees. In addition to helping miners, this will provide a benchmark for the blockchain fee market.
Some members of the community believe that the RBF is being implemented by the core developers. In an effort to make all transactions RBF by default. This is because merchants and Bitcoin ATMs that rely on zero-confirmation transactions to satisfy customer needs in online commerce believe that the RBF will make their businesses less reliable.
“RBF was simply going to make using BTC more perilous for stores and enterprises,” said Synonym CEO John Carvalho.
Carvalho cited zero confirmation transactions as incentives to safeguard the network. From a potential Sybil attack when asked to provide evidence of RBF double-spending. Nearly all of the community rejected his argument. The majority of participants explaining that zero-confirmation transactions were risky and only briefly profitable for retailers.
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