Coinbase cryptocurrency exchange has made changes in the system processing of transactions in the Bitcoin network for fast completion of transactions with low commissions. This was yesterday in company blog on Medium announced its main developer Brock Miller (Brock Miller).
The exchange introduced the mechanism of “Child Pays for the Parent” (CPFP), “bind” affiliated transaction with a higher fee to the transaction with a long term treatment. As a result, the total fee increases and increases the speed of making both transactions in the block. The procedure is fully automated and does not require any action from the user.
As explained by Miller, the problem with delayed treatment occurs because of the algorithm setup of the Commission. Unlike Bank accounts when the fee is calculated based on a predetermined percentage of the amount of the payments in BTC and other cryptocurrencies are processed according to the principle of the highest stakes: the more claimed by the sender, the Commission, the higher the probability that the transaction gets into the block. As a consequence, some operations take much more time.
In addition, due to the volatility of cryptocurrency, by the time the turn operation with a low Commission for processing the fee in dollar terms could fall, which would lead to further delay.
Procedure CPFP is activated as soon as the transaction time-out reaches four blocks. According to the results of a pilot test of the mechanism, Coinbase was able to expedite “thousands of transactions per day.”
This is the second major operating update the Coinbase for the current week. Last Wednesday, the exchange announced the entry into force of the simplified procedure of listing.