Building a private blockchain on the Ethereum public blockchain

Submitted by jbrown on Fri, 08/14/2015 - 13:17

I first became aware of the concept of private blockchains several months ago when I watched a presentation by Preston Byrne of Iris Industries. Vitalik Buterin (inventor of Ethereum) was also presenting in that session, although not about private blockchains. I must admit I was very sceptical of the whole concept. The entire purpose of having a blockchain is so that no one can be prevented from putting a valid transaction on the ledger. With a private blockchain only an agreed list of people can create transactions. The problem, unlike on a public blockchain, is that it is very easy for a majority of participants to get together and prevent another from creating a transaction. The participants and the verifiers are the same people.

Bitcoin transaction forwarding

Submitted by jbrown on Tue, 02/10/2015 - 07:54

Forwarding of individual Bitcoin transactions to one or more addresses is a new feature in Coin Tools.

Because it spends the outputs from the transaction that is being forwarded instead of making a regular payment from the wallet pool of unspent outputs it is not necessary to wait for confirmations before sending the new transaction. If the original transaction did not ultimately make it onto the blockchain then the forwarding transaction would also not make it onto the blockchain.

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