Leading bitcoin platform, multi-signature vault service provider and bitcoin merchant payment processor Coinkite has launched a new API feature called “Advanced Send Command,” which allows bitcoin developers to send a transaction with powerful additional parameters required for specialized bitcoin applications.
Coinkite’s new command enables users to send a payment for up to 1,000 bitcoin addresses at once. This service called “Multisend” has been designed to help the company’s supporting startups to send mass payments to its customers in a traceable way.
At the request of its customers, Coinkite has introduced a new service called “Send Advanced,” to allow users to have complete control over specific Unspent Transaction Output (UTXO) involvement in a new transaction.
“[Users] can isolate the deposits of a specific customer [of yours.] Use the exact funds they deposited in the next steps of the money flow. This way, if their deposit does not confirm, [user’s] account is not “contaminated” with unconfirmed inputs that don’t relate to [user’s] honest customers,” the Coinkite team toldBitcoin Magazine.
Faster Bitcoin Transactions
Currently, Coinkite processes transactions faster than any other wallets in the Bitcoin space. With an objective to ensure a faster official confirmation time for transactions by having the miners to accept, verify and confirm transactions more quickly than other transactions in the network, Coinkite has released a custom miner’s fee feature via its API.
Bitcoin transactions can be processed and accepted in certain platforms which settle transactions offline, through a series of basic verifications. However, miners in the bitcoin network must mine the block which includes the transactions to broadcast it throughout the network and officially confirm its validity.
Previously, the Coinkite exchange automatically calculated a minimum miner’s fee for each transaction, primarily based on the size of the transaction. With the release of the platform’s new API, Coinkite has introduced a new feature called the “Fee Mode,” to give its users some control to determine the amount of miner’s fee in a transaction.
The Coinkite exchange will now offer three options to determine the miner’s fee:
Pay the minimum fee : For casual transactions.
2x/3x/5x minimum : “Pay twice / three-times / five-times the minimum fee. This should get your transaction into the blockchain faster. At peak times, we’ve seen 2x be the entry price.”
5/10/50 basis points : “Pay a few basis points (0.05%, 0.1% or 0.5%) of the amount of the transfer.”
The Fee Mode feature is also applicable in all Coinkite API-based applications, simply by implementing the fee-mode function. Additionally, developers are given the ability to dictate an exact custom amount of miner’s fee for its users, using the Advanced Send feature.
Most users of the main Coinkite platform may not benefit greatly from the newly introduced Fee Mode feature, as the majority of the Coinkite bitcoin wallet users are individuals sending casual payments on the bitcoin network. However, Coinkite’s merchants and online businesses could use the Fee Mode feature to send quick and secure transactions to suppliers and its supporting businesses.
Furthermore, a large part of Coinkite’s bitcoin vault platform’s user base is made up of well-established corporations and bitcoin companies. Corporations which need to send large payments on the bitcoin network can now use the Fee Mode feature to send secure payments two times faster than before.