The Thought Process behind a Digital Currency for Micro-Transactions.

  1. The blockchain must be very minimal so that it’s growth over time is significantly reduced, this would not only increase the transaction processing speed of the network but also allow it to exist on hardware with smaller storage capacities, making it more likely for moors-law to keep ahead of the blockchain growth, which essentially proposes that the blockchain could indefinitely remain on mobile devices as storage capacities increase at a faster rate than the blockchain increases, although extremely unlikely it’s a target worth at-least trying to shoot for.
  2. Transactions would have to not incur any transaction fee, as each micro-transaction has the potential to be of a very small transaction amount meaning that any standard transaction free on the network would unnecessarily complicate transactions for the end-user and interfere with the nature of the micro-transaction network.
  3. Confirmations must be instant.
  • As soon as a node receives a transaction it is repeated to 3 random peers that are online; if that node has never seen the transaction before.
  • Once the node processes the transaction, if it is found to be valid or a double-spend, the node broadcasts the transaction to the entire network.

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