A New BRC-20 Process Flow
Ordibank Halves On-Chain Confirmation Window
Traditionally, the number of confirmations refers to the number of blocks added to the blockchain after the block containing the transaction. Ordibank has spent extensive time to rebuild the logic basis of the bitcore-lib and its function in relation to the Ordibank protocol. Fundamentally reducing the confirmation requirement threshold and enhancing transaction speed.
Confirmation Requirement Parameter:
bitcore-lib, being a Bitcoin library, incudes parameters determining the number of confirmations required for a transaction to be considered valid. By modifying this parameter, Ordibank lowers the confirmation requirement.
Adjusting Transaction Verification Logic:
bitcore-lib is responsible for transaction verification. We have rebuilt the logic that checks the number of confirmations needed for a transaction to be deemed secure and final. This adjustment has led to the Ordibank protocol processing transactions with fewer confirmations.
Integration with Ordibank's Transaction Pipeline:
The rebuilt logic is now core to our transaction processing pipeline.
Impact on Confirmation Requirements:
Faster Transaction Processing:
Halving the number of required confirmations allows Ordibank to expedite transaction processing on the Ordibank platform. Users experience quicker deposit confirmations and faster access to borrowed funds.
Improved User Experience:
Our lower confirmation requirements enhance the user experience by reducing waiting times. This is especially crucial for activities like borrowing, lending, and trading, where speed is a key factor.
Attack Vectors and Ordibank's Mitigation Strategies:
Double-Spending Attacks:
Reducing confirmation requirements increases the risk of double-spending attacks. Attackers could attempt to broadcast conflicting transactions to reverse certain transactions. Ordibank mitigates this by closely monitoring for potential double-spending activities and implementing advanced consensus mechanisms.
51% Attacks:
With lower confirmation requirements, the risk of a 51% attack, where an entity controls the majority of the network's mining power, increases. Ordibank mitigates this by collaborating with reputable mining pools and continuously monitoring network health.
Block Reorganization:
A shorter confirmation window raises the likelihood of block reorganization, where previously confirmed blocks are replaced by an alternate chain. Ordibank counters this by implementing mechanisms to detect and handle block reorganizations, ensuring transaction finality.
Consensus Rule Violations:
Lowering confirmation requirements might inadvertently violate Bitcoin's consensus rules. Ordibank actively monitors for consensus rule adherence, ensuring that modifications to bitcore-lib align with Bitcoin's security protocols.
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