BTCC Lowers Confirmation Times With BlockPriority

Bticoin exchange BTCC has added a new service to its platform that prioritizes bitcoin transaction confirmations. From now on, users will experience lower confirmation times.

BTCChina, the oldest, and one of the largest Bitcoin exchanges in the country, has developed BlockPriority; a new service that allows its users (even those that pay zero transaction fees) prioritized confirmations in transactions to and from BTCC wallets.

BlockPriority is also designed to grant fast confirmations when the Bitcoin network is under stress or during spam attacks. The service comes free of charge for all BTCC users and is already live within their system.

BTCC’s Chief Technology Officer, Mikael Wang, states:

“BlockPriority is the latest addition to our proprietary blockchain technology services. It demonstrates our commitment to providing our customers and the wider Bitcoin community with the best and most convenient experience possible.”

BTCC’s Chief Technology Officer, Mikael Wang

BlockPriority works by sending transactions to and from all BTCC wallets directly to the BTCC mining pool, which is one of the largest in the world – amounting for about 13% of the total hashing power.

Too Good To Be True?

We asked Pavel Kravchenko, Chief Cryptographer at Tembusu Systems, what BlockPriority’s advantages are, and if this technology can really make a difference. He commented:

“First, the average block size is still 0.5MB, second, the BTCC mining pool makes only 13% of hashing power. I think that the probability that a transaction will be processed faster is really small. In fact this feature is just a substitution for higher transaction fees that people pay to make their transactions being processed faster.”

According to Kravchenko, the best case scenario is one where the increase in transaction speed is probably just 13%, which corresponds to the hashing power of the BTCC pool. Thirteen percent? Is it possible that BTCC’s new BlockPriority service is merely a gimmick for PR? We contacted BTCC for more details on BlockPriority. As of the time of publication we have yet to hear back.


Did you enjoy this article? You may also be interested in reading these ones

Comments

comments

Filed in: Bitcoin News Tags: ,

You might like:

R3's Hearn and Brown Say Enterprise Blockchain's Day of Reckoning Is Here R3's Hearn and Brown Say Enterprise Blockchain's Day of Reckoning Is Here
Commodity Traders, Major Banks Back New Blockchain Platform Commodity Traders, Major Banks Back New Blockchain Platform
3D Printed Gun Advocate Cody Wilson Charged With Child Sexual Assault 3D Printed Gun Advocate Cody Wilson Charged With Child Sexual Assault
Europol Warns of Crypto Hacks and Mining Malware in Latest Report Europol Warns of Crypto Hacks and Mining Malware in Latest Report
Bitcoin Core Developers Move to Fix Denial-of-Service Software Bug Bitcoin Core Developers Move to Fix Denial-of-Service Software Bug
Bitcoin's Price Swings to Nearly $6,500 in Volatile Trading Hour Bitcoin's Price Swings to Nearly $6,500 in Volatile Trading Hour
Coinbase Hires Fannie Mae Executive as Chief Legal Officer Coinbase Hires Fannie Mae Executive as Chief Legal Officer
Binance Reveals Plan to Launch Crypto Exchanges on Almost Every Continent Binance Reveals Plan to Launch Crypto Exchanges on Almost Every Continent
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.