8. Simplified Payment Verification
It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by querying network nodes until he's convinced he has the longest chain, and obtain the Merkle branch linking the transaction to the block it's timestamped in. He can't check the transaction for himself, but by linking it to a place in the chain, he can see that a network node has accepted it, and blocks added after it further confirm the network has accepted it.
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Essentially a memo desktop+mobile web application as well as node software for people who want to host Memo nodes. User->Application->Memo Node->BCH node->Blockchain
Memo is designed to work with lite wallets. It doesn't exist yet but it shouldn't be difficult to create a desktop version of Memo that isn't too heavy.
That's a really good point, I hadn't thought of that. While likelihood of storage is much lower with internet traffic, it's still possible.
What is more important, that their is a model for storing data, that is _not_ advertisement driven and that does not vanish as long as you pay for it.
So Twitter is trying to shoot itself in the foot banning everyone. Is memo.cash ready? What does it need to be ready for the big time?
Still a long list of features to add: mobile app, user tagging, hashtags, better onboarding, direct sending, native image/video support, private messages, and lots more.
It's a good question and one of the drawbacks of IPFS. Yes, perhaps a good system could be added for using BCH to pay for hosting on IPFS.
Lets call it "BlockStorage" where you pay for the storage of large blocks of data in BCH. ;)
Question: Who runs the IPFS Servers? How do you then pay for the uploads? Again with BCH?
It's a good question and one of the drawbacks of IPFS. Yes, perhaps a good system could be added for using BCH to pay for hosting on IPFS.
Storing images and video on-chain is expensive. To support media in a decentralized way it must be stored elsewhere. IPFS would be added to the current options (Imgur, Youtube, etc).
The difference being that IPFS can be supported natively - i.e. you could upload files through Memo website / app.
What is the Use-Case for that? How would a user profit from the integration of IPFS into Memo.cash?
Storing images and video on-chain is expensive. To support media in a decentralized way it must be stored elsewhere. IPFS would be added to the current options (Imgur, Youtube, etc).
The difference being that IPFS can be supported natively - i.e. you could upload files through Memo website / app.
Question: Who runs the IPFS Servers? How do you then pay for the uploads? Again with BCH?
Question: Who runs the IPFS Servers? How do you then pay for the uploads? Again with BCH?
The difference being that IPFS can be supported natively - i.e. you could upload files through Memo website / app.
thanks for clarifying!
“As the son of a Polish holocaust survivor, the images and sounds of this family separation policy [are] heart wrenching.” Tweet by Michael Cohen on June 20, 2018.
Memo will likely be adding IPFS support. Not sure when though.
What is the Use-Case for that? How would a user profit from the integration of IPFS into Memo.cash?
So Unite.Cash utilizes IPFS to host, view, and play content posted there using the BCH op_return. Memo can look at the code to see if it would be interested for media storage/use.
Memo will likely be adding IPFS support. Not sure when though.
Edit and delete actions can be added to the protocol and supported in the UI. Of course since it's on-chain you will always be able to see the original.
Just great!
One of the disadvantages of Memo is no edit or delete possibilities. Perhaps there is a work around? Maybe posts can be tagged so that memo doesn't see them anymore? @memo.cash
Edit and delete actions can be added to the protocol and supported in the UI. Of course since it's on-chain you will always be able to see the original.
When are you considered out of funds? I am at about 8k satoshis left which is very low (each post costs ~300 satoshis)
Like you said, you need enough to pay for the mining fee (~300 sats) and still have change above the dust limit (546 sats). So min is about 850 sats.
@Memo There seems to be a hard limit of 25 unconfirmed actions, could you please lift it?
This limit is actually not set by memo but by BCH nodes :( I'm trying to get this limited removed.
UTXOs could potentially be juggled to mitigate, but it would be kinda ugly.
Is there a possibility we could see software that can do all this without a website and without the potential for censorship?
Yep, memo was designed to be bloom filter compatible so people can build lite clients.
Breaking News: 70% of merchants in Cyprus will start accepting Bitcoin Cash payments. BCH will be added to a leading POS system.
If you wait for confirmation you are fine. But for 0-conf here's an explanation of how a double spend can be done: https://jasonc.me/blog/bitcoin-bip-133-double-spends-bch
I'm reading the jasonc. The double spend depends on some miners filtering out low fee transactions. Off hand I don't see a need to filter out low fee transactions.
Can someone come up with a good example how double spend could be successful? For online purchases one just waits 10 or so minutes
I'm reading the jasonc. The double spend depends on some miners filtering out low fee transactions. Off hand I don't see a need to filter out low fee transactions.
One reason is by setting a minimum they encourage higher fees and make more. Another is that some fear low-fee transactions can be used for spam. Majority have 1 sat/b minimum.
