Difference between revisions of "Merchant API"
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| − | The Merchant API is a new development in Bitcoin, | + | The Merchant API is a new development in Bitcoin, [https://bitcoinsv.io/2020/04/03/miner-id-and-merchant-api-beta-release/ released] in April 2020. |
| − | The API | + | The API enables merchants accepting Bitcoin transactions to get all of the assurance they need to be able to accept transactions on a 'zero confirmation' basis (see [[Confirmation]]). Merchants are able to find out in advance (even before broadcasting a transaction) what transaction fee is required by miners to mine it. |
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| + | ===Background=== | ||
As explained by Steve Shadders in [https://youtu.be/WDuvYp77tJU?t=2126 Steve Shadders Discusses the Bitcoin SV (BSV) Tech Pillars - Bitstocks Podcast Ep. 7] at 36m 12s: | As explained by Steve Shadders in [https://youtu.be/WDuvYp77tJU?t=2126 Steve Shadders Discusses the Bitcoin SV (BSV) Tech Pillars - Bitstocks Podcast Ep. 7] at 36m 12s: | ||
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It also allows miners to put user based fee policies in place. See [https://www.yours.org/content/the-dawn-of-the-age-of-competitive-mining-1cc8d831dc34 The dawn of the age of competitive mining] (Steve Shadders, yours.org, October 2019) | It also allows miners to put user based fee policies in place. See [https://www.yours.org/content/the-dawn-of-the-age-of-competitive-mining-1cc8d831dc34 The dawn of the age of competitive mining] (Steve Shadders, yours.org, October 2019) | ||
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| + | ===BRFC Specification=== | ||
| + | The BRFC specification can be found [https://github.com/bitcoin-sv-specs/brfc-merchantapi here]. | ||
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| + | ===Reference Implementation=== | ||
| + | The reference implementation can be found [https://github.com/bitcoin-sv/merchantapi-reference here]. | ||
Revision as of 13:01, 2 July 2020
The Merchant API is a new development in Bitcoin, released in April 2020.
The API enables merchants accepting Bitcoin transactions to get all of the assurance they need to be able to accept transactions on a 'zero confirmation' basis (see Confirmation). Merchants are able to find out in advance (even before broadcasting a transaction) what transaction fee is required by miners to mine it.
Background
As explained by Steve Shadders in Steve Shadders Discusses the Bitcoin SV (BSV) Tech Pillars - Bitstocks Podcast Ep. 7 at 36m 12s:
"If you can broadcast a transaction to miners and then get a response from them a second later, to say that they've accepted the transaction, then the 'zero conf' problem largely goes away".
It also allows miners to put user based fee policies in place. See The dawn of the age of competitive mining (Steve Shadders, yours.org, October 2019)
BRFC Specification
The BRFC specification can be found here.
Reference Implementation
The reference implementation can be found here.