Content originally published by BitcoinOptech on newsletter #16.
The fifth Scaling Bitcoin conference was held Saturday and Sunday in Tokyo, Japan. In the sections below, we provide brief overviews to some of the talks we think might be most interesting to this newsletter’s readers, but we also recommend watching the complete set of videos provided by the workshop organizers or reading the transcripts provided by Bryan Bishop.
This is summary for a submission by Ruben Somsen on bitcoin-dev on censorship resistant transactions.
Bitcoin transactions with light client wallets involve addition of transaction fees as incentive for miners to include the transaction to the blockchain through the process of mining. This creates a win-win situation.
First, without any specific conditions, miners get paid the fees provided the transaction gets included in a valid chain with the most proof-of-work.
Secondly, the user enjoys the benefit of his transaction being added to the blockchain. The fees also ensure the security of transaction on the network as miners cannot ignore the transactions or other miners will process it because it has a reward attached.
For the full node Bitcoin Core however, conditions for adding transactions to the blockchain are more specific, one of which is that transactions can only be added to a block with a block height that is one higher than the last.