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    BTC BCHN MR !746 merged: Faster transaction relay

    October 30, 2020

    BTC BCHN MR !746 merged: Faster transaction relay

    BCHN MR !746 merged: Faster transaction relay

    Posted: 29 Oct 2020 06:58 PM PDT

    MR 746 is a relatively simple code change, but it has important implications for BCH's UX and scalability.

    tl;dr: BCHN will now by default relay transactions 10x faster than before. This will make BCHN's transaction relay much faster than ABC, though not as fast as BU. On the flip side, BCHN will require more bandwidth than ABC at low transaction throughput rates, but less than BU. BCHN has also added the -txbroadcastinterval command-line option to allow node operators to configure this behavior more precisely.

    Background on inv message batching

    The inv messages for transactions are responsible for the vast majority of a node's total network traffic, since inv messages are sent per peer regardless of whether that peer needs the transaction or not. If a node is sending one inv per tx per peer, and the node has 50 peers, that results in about 120 bytes/tx/peer * 50 peers = 6000 bytes of network traffic per transaction, or roughly 6x as much traffic as is required for receiving and sending the transaction itself (assuming a typical 500 byte transaction). In this scenario, about 2/3 of the traffic is actually protocol overhead -- mostly TCP/IP overhead, but also bitcoin p2p protocol overhead. This overhead can be mitigated with batching. Using IPv4, inv messages take up about 80 + 40n bytes per message, where n is the number of transaction hashes being sent. This means that batching behavior can reduce the average traffic per peer per tx from around 120 bytes (for a batch size of 1) to around 44 bytes (for a batch size of 10). The way to achieve large batch sizes is to have a wait time before sending each tx inv to allow extra txs to be ready in each transmission. A batch size of 10 can be achieved with 20 tx/sec and an average wait time of 2 sec, for example.

    If the wait time is mismatched with the transaction throughput rate, it can result in an increase in transaction propagation time without any substantial improvement in bandwidth efficiency. For example, the transaction throughput rate is currently about 0.25 tx/sec. If the wait time is 1 sec, then the typicalinv message will contain only 1 tx hash. If the wait time is increased to 2 sec, then the typical inv message will still contain only 1 tx hash. That extra second of delay would make a difference in batch size if the transaction throughput rate were 1 tx/sec, but it makes almost no difference at 0.25 tx/sec.

    On the other hand, delays like this will significantly slow down transaction propagation, and will adversely affect UX. A delay of 2 seconds per connection with 20 connections means that a node will broadcast an inv to one peer every 100 ms on average. This delay, coupled with the natural network ping times of ~100 ms, and the 1.5 round-trip time (RTT) communication needed to send a tx, means that the number of nodes who have a transaction will double roughly every (100 ms + 150 ms) = 250 ms if all network nodes used a 2 second delay with 20 peers. If the network is comprised of 8192 nodes, it would take around 3.25 seconds for a transaction to propagate through the full netowrk. This worsens BCH's UX by making transactions feel slower in 0-conf mode, and gives a much larger time window for double-spends than is desirable. Shorter delays before broadcasting inv messages mean a better experience for BCH users, and slightly better 0-conf security.

    Changes in !746

    With !746, BCHN makes two major changes:

    1. The default behavior for BCHN will be to wait an average of 500 ms between inv broadcasts, rather than 5000 ms. Furthermore, this value can be configured at the command-line with the -txbroadcastinterval=<ms> command-line option. Lower values (shorter delays) can accelerate transaction propagation; higher values (longer delays) can reduce upstream traffic for your node and downstream traffic for your node's peers. As before, this value halved for outgoing connections: with the default value of -txbroadcastinterval=500, BCHN will make on average one batched broadcast every 500 ms on incoming connections, and one every 250 ms on outgoing connections.

    2. BCHN also adds a new option to configure the maximum throughput for inv announcement messages: -txbroadcastrate=<tx/sec/MB>. The default value for this option is the same as before: for each 1 MB of the block size limit, BCHN will allow 7 tx/sec on incoming connections (14 tx/sec/MB on outgoing connections). The default setting of 7 allows for up to 7 tx/sec/MB * 32 MB = 224 tx/sec of announcement throughput on incoming connections, or 448 tx/sec on outgoing connections. This allows a maximum-sized block (e.g. 32 MB) to be filled with 238-byte average sized transactions in 600 seconds via an incoming connection, or 300 seconds via an outgoing connection. Larger transaction sizes will result in less time being needed to reliably fill blocks. Most users will not need to touch this setting, as the default value is reasonable for most use cases. This limit provides protection against spam attacks while still allowing normal network operation to reliably fill blocks. However, modifying this setting can be useful in some circumstances, such as during stress tests, or for severely bandwidth-constrained applications. Users who are doing stress testing may wish to set this value very high in order to delimit tx broadcasting (e.g. -txbroadcastrate=9999999). Users with non-Starlink-based satellite internet (e.g. slow upstream, fast downstream) may wish to experiment with setting this to zero (i.e. -txbroadcastrate=0) to avoid relaying transactions, as an alternative to -blocksonly mode.

    Comparison to other nodes

    Bitcoin ABC and Bitcoin Core use an average delay of 5 seconds between broadcasts, which makes batching start at around 0.2 tx/sec. Bitcoin Unlimited uses a delay of about 10 ms, so BU's batching begins at around 100 tx/sec. BCHN will now default to using a delay of about 500 ms, or batching starting at about 2 tx/sec.

    In practice, the Bitcoin Unlimited nodes on the BCH network dominate transaction propagation. While !746 makes BCHN about 10x faster at propagating transactions, it will likely only make BCH about 10% faster overall because the majority of transaction propagation is done by Bitcoin Unlimited. However, since BU nodes comprise a little less than half of all BCH nodes, there is still a significant chance for BU or non-BU nodes to form network islands, and for some nodes to have no contiguous BU-to-BU node paths to the original network sender. !746 makes BCH less reliant on BU nodes for fast transaction propagation, and makes BCH more resilient and reliably fast.

    Acknowledgements

    Thanks to mtrycz for writing the functional tests and to mtrycz, freetrader and Calin Culianu for code review.

    submitted by /u/jtoomim
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    Rene Pickhardt on Twitter: Currently high onchain [BTC] fees have impact for you Lightning Channels: 1.) Pre negotiated fees might not be sufficient for your commitment tx to be included in case of force close

    Posted: 29 Oct 2020 12:22 PM PDT

    You can send BCH via email!!!

    Posted: 29 Oct 2020 04:36 PM PDT

    Scalenet support released

    Posted: 29 Oct 2020 12:59 PM PDT

    I check on this number periodically. I've never seen it this high.

    Posted: 29 Oct 2020 08:56 AM PDT

    ABC team charges 8% for service on their network. Could a government hold ABC accountable for any illegal activities on their network?

    Posted: 29 Oct 2020 09:44 PM PDT

    Just curious!

    submitted by /u/xd1gital
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    What’s the “for dummies” explanation of why tx fees are so high right now?

    Posted: 29 Oct 2020 10:54 AM PDT

    A friend told me that it's all due to congestion stemming from paypal's possible integration of bitcoin and the resulting price increase from new buyers. That made sense but someone else said it was all related to blocks and hashes and that the current fees may be the new norm.

    I thought i had a decent understanding of the blockchain and bitcoin but I admit I'm lost on this one.

    submitted by /u/Exec99
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    ATTN: Bitcoin Cash BCH miners, exchanges, wallets & other businesses

    Posted: 29 Oct 2020 10:48 AM PDT

    Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators

    Posted: 29 Oct 2020 12:10 PM PDT

    The fact is, any take over by a rogue party always results in censorship. Be it BTC and Blockstream, BSV and nChain or ABC and that cesspool telegram channel they took over. They all operate in exactly the same way. Their admins are free to talk about people sucking each other, but no IFP objection.

    Posted: 29 Oct 2020 12:16 PM PDT

    I have witnessed multiple people banned from that channel by the resident admins and their lead ABC master/developer Amaury. They took over the Bitcoin Cash telegram channel while they effectively represent only themselves and absolutely not the interest of BCH at heart.

    They banned spoice, Collin, Roger among many, and they continue to ban practically anyone who actually ever built for Bitcoin Cash, cornering themselves into having to rename that channel once their miserable IFP attack fails.

    They send messages on the channel that the likes of me "must be silenced" because I expose them and piss on their collective moral structure.

    Their lead pack alpha David sends requests to talk to me through people, because he wishes I could be bought like Hayden, fugazzi, that jiggalo or the rest of the clowns they have there.

    The reality is, if the IFP tax had any merit to stand on its own and stand up to technical scrutiny, they'd have never banned anyone who discussed it technically and called it "noise".

    All filthy attackers can't face the truth and they ban and censor until they have their own sorry selves staring at each other waiting for something to happen.

    I reiterate to all the gullible ones still on that telegram channel and the weak-personality miners willing to pay this tax: You're being had. The IFP is nothing but theft and a bully-ransom, canned as a nonsense "professional development" soup, and sold to those who know nothing better.

    Anyone who pays this IFP is both an idiot and an accomplice.

    Good luck Bitcoin (Bitcoin Cash BCH, the only actually usable Bitcoin), you'll chew and spit those attackers like the ones before them and the ones after them.

    submitted by /u/wisequote
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    Bitcoin Cash is solid

    Posted: 29 Oct 2020 05:25 PM PDT

    Bitcoin Cash is many teams (infographic) (feedback sought)

    Posted: 29 Oct 2020 10:37 AM PDT

    There's $2 Billion in Bitcoin on Ethereum Network

    Posted: 30 Oct 2020 02:43 AM PDT

    The ABC team splits off of BCH, what is to happen?

    Posted: 29 Oct 2020 09:20 AM PDT

    Make money with Offline Cloud Mining

    Posted: 30 Oct 2020 02:11 AM PDT

    Hi everybody, today I want to share with you this website, which gives you 100GH/s for free. The name is Cloudux, and you can simply start your account and do nothing: it mines by itself.

    It's free and it takes 1 minute to set it up.

    submitted by /u/MagicDalsi
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    0.33BCH bounty at lazyfox.io for "A Viable Plan for Merchant Adoption & Meetups in your Area"

    Posted: 29 Oct 2020 02:42 PM PDT

    Bitcoin fees to the mooooooon!

    Posted: 29 Oct 2020 09:59 AM PDT

    Bitcoin fees to the mooooooon!

    BTC fees are closing in on $10 per transaction!

    https://i.redd.it/hhudussde2w51.gif

    submitted by /u/VoluntaryBits
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    InfinityDefi: A Flexible, Low-Risk Crypto Collateral Lending DeFi Platform

    Posted: 30 Oct 2020 01:01 AM PDT

    InfinityDefi: A Flexible, Low-Risk Crypto Collateral Lending DeFi Platform

    ​

    The cryptocurrency industry has come a long way since its inception, as the underlying technology undergoes constant evolution. The latest advancement in such development is the concept of Decentralized Finance, popularly known as DeFi. As the DeFi movement rages on, a lot of new, innovative projects have entered the market, offering a great deal of flexible financial products to the community.

    One such innovative project is InfinityDefi, a state-of-the-art composite cryptocurrency asset management platform that offers much-needed financial services to the community, helping them put their crypto assets to good use. Created by a team of experts in crypto, finance, technology and legal fields, InfinityDefi has positioned itself as the world's first multi-collateral lending DeFi platform where users can deposit, lend and borrow cryptocurrencies at some of the industry's best rates.

    The entire InfinityDefi ecosystem comprises a series of derivative products including multi-stablecoin index, DEX, liquidity aggregation platform, safety reserve, options and convertible debt. These products together bridge the gap between unused crypto assets and demand for short term borrowing, thereby enabling everyone involved to make profits.

    The InfinityDefi protocol is fuelled by the INFI ecosystem token and the PPT equity token. While INFI enables the token holders to participate in project management, control financial risk, and vote in the decision-making process, PPT act as reward tokens earned against transactions made on the platform. The PPT tokens can be exchanged with INFI.

    Collateral Loans on InfinityDefi

    InfinityDefi offers an aggregated product with crypto collateral lending and savings using a flexible pledge and redemption mechanism. On the platform, users can utilize their crypto holdings to earn interest or secure a short-term loan. Unlike other crypto lending DeFi solutions currently in the market, InfinityDefi supports secondary loans and multi-value-added loans, which helps users unlock more value and liquidity from their assets. Collateral financing on the platform can be secured from different creditors while maintaining an ultra-low pledge ratio of up to 10% less than other peers.

    Users can use a wide range of cryptocurrencies including DAI, USDT, USDC, TUSD, BUSD, HUSD, ETH, HT, OKB, and more as collateral for lending and borrowing. The utilization of a unique polymerization pool in conjunction with an algorithmic interest rate model that dynamically adjusts interest rates to balance supply and demand. All deposits and disbursements are directly processed from the polymerization pool, which includes servicing of the secondary loan on top of existing loans, against the initial collateral and multi-value-added loans where users can pledge the value-added part of collateral to get additional loans.

    By design, InfinityDefi has some of the lowest position coverage for collateral which is set at a maximum of 145% and a minimum of 125%, in case of secondary loans or a fall in the value of collateral. In addition, the platform also has an auto-liquidation feature in place that dissolves the collateral in case the value of collateralized assets falls below minimum position coverage and the borrower fails to deposit additional assets to cover for the shortfall. The liquidation of assets happens at the prevailing market price to recover the principal and outstanding interest, with any excess funds returned to the borrower. During liquidation, if the value of available collateral doesn't cover the pool's exposure, InfinityDefi protocol's safety reserve will step in to cover the losses, thereby ensuring the interests of investors and borrowers are protected at all times.

    These features also enable InfinityDefi to provide 5% lower loan rates, 20% higher loan limits and faster capital turnover than other DeFi platforms.

    Advantages of InfinityDefi Collateral Loans

    The InfinityDefi platform allows all the stakeholders to profit from their crypto assets to earn both active as well as passive income. For those looking for earning a passive income, holding crypto assets, and waiting for their value to appreciate is not the best option, as the volatile nature of markets creates a lot of uncertainties. Instead, they can deposit their assets on INFI DApp to earn interest on their holdings. The interest rate for such deposits are directly related to the Polymerization Pool interest rate, calculated using the formula:

    ​

    https://preview.redd.it/wfzs64yfv6w51.png?width=633&format=png&auto=webp&s=7b89df87b57ae2ae8fae3590db13a6f74dc0d7e5

    where 'j' is one of the deposited cryptocurrencies which is part of the polymerization pool

    The deposited principal and accrued interest can be withdrawn by the user at any time. Based on the demand and supply, the interest earned on deposited assets over time can potentially turn out to be more than what the depositor would have gained by holding, more so, in case of a stablecoin.

    Meanwhile, collateralized loans help those either in need of funds to meet their obligations or those looking for additional liquidity for trading. The reduced interest rates, along with options for secondary and multi-value added loans make it easy to secure necessary funds for trading needs, which could help increase the margins on profitable trades. It could also be used for arbitrage, leveraging the interest rate gap on different DeFi lending platforms to generate profits instead of directly using the price difference of underlying assets.

    The PPT tokens earned performing each of these actions also adds to the profits. The amount of PPT earned depends on the collateral/loan amount and duration. These PPTs can be exchanged for INFI and traded on exchanges where the token is listed.

    Overall, InfinityDefi provides a safe, profitable, transparent, and low-risk way for users to invest and manage their crypto assets.

    Learn more about InfinityDefi at – https://www.infinitydefi.io/
    Read InfinityDefi whitepaper at – https://www.infinitydefi.io/uploadfile/2020/0929/20200929061612368.pdf
    Join InfinityDefi TG group at – https://t.me/infigroup

    submitted by /u/FrequentTemperature5
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    Blockstream launched a satellite for BTC transactions? Don't let them know about Starlink's 50-150Mbps connection for $100 a month.

    Posted: 29 Oct 2020 12:55 PM PDT

    Coin Fugazi Podcast 10: Ethereum and the $55 Million Hack that Almost Destroyed it All

    Posted: 29 Oct 2020 10:00 PM PDT

    BU Podcast Episode 6 - Flipstarter & Voluntary Funding - Imaginary Username

    Posted: 29 Oct 2020 09:01 AM PDT

    btc

    Posted: 29 Oct 2020 01:53 PM PDT

    sorry , my english is not good.
    In this cyber world we talk about many things, the btc arrived a few years ago, it is not the panacea, so far 18.6 million btc have been mined, the maximum is 21, the btc is backed by real money, so it has a Clear value, the governments of the world have wanted to stop the btc, but they are not going to stop us, we are a decentralized currency, and we are the future

    submitted by /u/croatianpr33
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    Avoiding Financial Censorship with Bitcoin Cash

    Posted: 29 Oct 2020 09:01 PM PDT

    Is there a way to send BCH to a friend who does not have a wallet already setup?

    Posted: 29 Oct 2020 11:13 AM PDT

    I want to give some BCH to my friend to get him started in crypto. I am looking for a way I can easily just send something to him, that would provide perhaps a step by step for him to download a wallet and claim the coin that I have sent him. Does this exist? Thank you

    submitted by /u/malchik
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