The future of blockchain services

The legacy approach

When Craig left Bitcoin to it’s own devices, development went in an impractical direction because of the technological appeal of that direction to developers. Because block size was small it was possible to index the complete contents of the blockchain, this meant that applications could ask an indexing service to tell them about the existence of any transactions featuring payments they thought they might have made.

The future approach

Without full chain indexing we now require blockchain services that serve the needs of a restored protocol. It is now commonly accepted that payments should be peer to peer, and someone paying should give the party being paid the payment transaction directly. The party being paid should not monitor the blockchain to receive the payment transaction, and should be the one to broadcast it, not the payer.

Wrapping up

There’s a lot more nuance to this than can be touched on in this article.



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