SlideShare a Scribd company logo
Scalability and Programmable
Consumer Protection
William K. Santiago (william@wksit.com)
Twitter (#williamsantiago)
Certified bitcoin Professional (CBP ID 69d4e6)
Challenge
Bitcoin Transactions aren’t instant
“Bitcoin Doesn’t Scale”
1 MB blocks (7 transactions per second)
Solution Options
Payment Channels or Transaction Channels
Increase block size from 1MB to 20MB 8MB
1.No increase in block size, fork will
happen or Increase in block size, extend
functionality
2.Bitcoin XT is released it gets the majority
for a hard fork
MicroPayments
Currently MicroPayments cannot be done with
any other payment network in the world
Transactions per day
VISA handles on average around 2,000
transactions per second (tps)
PayPal, in contrast, handles around 10 million
transactions per day for an average of 115
tps
Today the Bitcoin network is restricted to a
sustained rate of 2 tps due to the bitcoin
protocol restricting block sizes to 1MB
2015 The Year of MicroPayments
New technologies for MicroPayments
“Payment Channels” or “Transaction Channels”
Examples:
The Lightning project
Enables micro transactions and off-blockchain transactions
Potential solution for the block size limit
Reduce the burden on the blockchain for smaller transactions
Stremium
Platform for streaming video and receiving payment by the second
(micropayments)
Lightning project
A decentralized system whereby transactions
are sent over a network of “payment
channels” whose transfer of value occurs off-
blockchain
Bitcoin transactions may occur between
untrusted parties and secured by the bitcoin
blockchain
Stremium
Stream live video directly to your viewers and
get paid instantly
No middlemen
What are “Payment Channels”?
Introduced a while ago (not a new idea)
Uses multi-sig
Allows two people to send transactions to
each other without hitting the Bitcoin
blockchain
The use of nLockTime (ability to postdate a
transaction) transaction becomes valid or
gets mined at a certain time in the future
What does “Payment Channels” do?
Aggregates lots of transactions into a single
transactions
“Single Transaction” Create a multi-sig
transaction that gets funded and gets payed
post-dated into the future
“Micro Transactions” Exchange signed
transactions but do not get processed unless
either party wants to settle account
With “Payment Channels” or Block
Size Increase
Bitcoin can scale to billions of transactions per
day or 11,500 transactions per second (tps)
Provide Programmable Consumer Protection
Programmable Consumer Protection
Time trigger refund
3rd party escrow
Arbitration services
Example:
Payment channel between three parties where you pay a
merchant to buy a flat screen TV and part of that payment
you have an automatic 30 day refund. If there is a dispute
the 3rd party can step in and do an escrow transaction to
refund the consumer.
Discussion and Questions

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Programmable consumer protection and scalabiity

  • 1. Scalability and Programmable Consumer Protection William K. Santiago (william@wksit.com) Twitter (#williamsantiago) Certified bitcoin Professional (CBP ID 69d4e6)
  • 2.
  • 3. Challenge Bitcoin Transactions aren’t instant “Bitcoin Doesn’t Scale” 1 MB blocks (7 transactions per second)
  • 4. Solution Options Payment Channels or Transaction Channels Increase block size from 1MB to 20MB 8MB 1.No increase in block size, fork will happen or Increase in block size, extend functionality 2.Bitcoin XT is released it gets the majority for a hard fork
  • 5. MicroPayments Currently MicroPayments cannot be done with any other payment network in the world
  • 6. Transactions per day VISA handles on average around 2,000 transactions per second (tps) PayPal, in contrast, handles around 10 million transactions per day for an average of 115 tps Today the Bitcoin network is restricted to a sustained rate of 2 tps due to the bitcoin protocol restricting block sizes to 1MB
  • 7. 2015 The Year of MicroPayments New technologies for MicroPayments “Payment Channels” or “Transaction Channels” Examples: The Lightning project Enables micro transactions and off-blockchain transactions Potential solution for the block size limit Reduce the burden on the blockchain for smaller transactions Stremium Platform for streaming video and receiving payment by the second (micropayments)
  • 8. Lightning project A decentralized system whereby transactions are sent over a network of “payment channels” whose transfer of value occurs off- blockchain Bitcoin transactions may occur between untrusted parties and secured by the bitcoin blockchain
  • 9. Stremium Stream live video directly to your viewers and get paid instantly No middlemen
  • 10. What are “Payment Channels”? Introduced a while ago (not a new idea) Uses multi-sig Allows two people to send transactions to each other without hitting the Bitcoin blockchain The use of nLockTime (ability to postdate a transaction) transaction becomes valid or gets mined at a certain time in the future
  • 11. What does “Payment Channels” do? Aggregates lots of transactions into a single transactions “Single Transaction” Create a multi-sig transaction that gets funded and gets payed post-dated into the future “Micro Transactions” Exchange signed transactions but do not get processed unless either party wants to settle account
  • 12. With “Payment Channels” or Block Size Increase Bitcoin can scale to billions of transactions per day or 11,500 transactions per second (tps) Provide Programmable Consumer Protection
  • 13. Programmable Consumer Protection Time trigger refund 3rd party escrow Arbitration services Example: Payment channel between three parties where you pay a merchant to buy a flat screen TV and part of that payment you have an automatic 30 day refund. If there is a dispute the 3rd party can step in and do an escrow transaction to refund the consumer.