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Wednesday, 15 July 2015 03:00

Veritaseum Wallet Update to Address Issues with Bitcoin Network Backlog Featured

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Summary

In addition to other fixes and enhancements, the latest version of our wallet software addresses issues like an unusual number of unfunded transactions or unusually long confirmation times.

Download Link & Upgrade Instructions

There are no special upgrade instructions. Just download the new version and start using it:

http://veritaseum.com/index.php/download/veritaseum-wallet

Details

Recently, Bitcoin miners have been working their way through backlog of transactions (see this and this). This has caused significant delays in mining certain transactions, including funding transactions for Veritaseum swaps. Previously, Veritaseum wallets included 1/10th of the standard transaction (mining) fee for funding transactions, and our service allowed only a one-hour grace period for a funding transaction to be mined before it would close the swap order as unfunded. This worked well for the better part of a year, but effectively prevented swaps from being entered once the Bitcoin network became backlogged.

We have increased the wallet transaction fees to 11/10th (or 110%) of the standard (or about 3.2¢ per kb vs. the standard 2.9¢ per kb as of this writing) to encourage miners to include Veritaseum wallet transactions ahead of those paying only standard fees or less. In addition, we have increased the grace period for an order to be funded to 24 hours.

Our initial testing indicates this will not only vastly decrease the time it takes for orders to become funded, but it will also minimize the chance of our service “missing” funding transactions that are eventually mined outside of the funding grace period.

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Read 2579 times Last modified on Wednesday, 15 July 2015 19:39

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