21 Inc.’s Microtransactions Channel, a Temporary Scalability Solution?

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As the Bitcoin block-size debate rages on in the bitcoin community, 21 Inc. has introduced a new payments system that allows high-frequency microtransaction between two 21 Inc.’s Bitcoin Computers. the new micropayment method is currently available on the company’s Bitcoin Computers and it is expected to be available for other machines sometime soon in the future.

The new Bitcoin microtransaction library is designed to execute loads of very small bitcoin transactions between devices without creating hundreds of entries on the Bitcoin blockchain. The new release was announced by the 21 Inc. team earlier today on the company’s blog.

Without creating records of each and every transaction on the blockchain. Yes, and it is nothing out of the blue either. The high-frequency bitcoin micropayment processing system created by 21 Inc. to an extent uses some of the not so well-known features already available on the Bitcoin network. The high-frequency micropayment feature on Bitcoin Computer uses nSequence and LockTime features integrated into the Bitcoin network since its inception by Satoshi Nakamoto. The main advantage of these features is to set up future payments. By utilizing this feature, applications of 21 Inc.’s bitcoin computers can accumulate bitcoin over a period of time and then send

Read more ... source: TheBitcoinNews

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