Update: I didn't realize something like this already exists, sorry for wasting your time.
Spoiler (Click to View)I am not sure if this idea has been suggested before, but why don't the larger BTC companies work together on creating a option for reducing the transaction fee's for BTC transactions, by storing data of each wallet into a database, and then send the entire BTC amount from 1 wallet.
Example; 3 transactions resulting in a total of $400 is sent from exchange1 to exchange2 in the past 5 minutes.
Between exchange 1 and exchange 2, there would be a common platform where the data for the wallet ID's are commonly shared. This way the exchanges and major sites would only be paying the transaction fee's for 1 large transaction, thereby resulting in paying less fees, and causing less fee's for day-to-day transactions. It would allow BTC to be mass-adopted, at a low cost.
The amounts would then evenly be distributed from the backend to showcase the value on the frontend, however it will still be the backend handling all the data. Keep in mind this would only be possible for online wallets, exchanges and platforms.
Illustration of my idea: (Don't mind my quick sketch.)
![[Image: ti0lK2V.png]](https://i.imgur.com/ti0lK2V.png)
![[Image: zBrunCJ.png]](https://i.imgur.com/zBrunCJ.png)
Pros:
+ Fast transactions
+ Cost effective
Cons:
- Each individual payment can only be seen on the MM platform, while the total sum transaction is broadcasted to the Blockchain.
What are your thoughts on this idea, and is it possible at all?. Also, the MM platform would need to be open source to ensure the transaction was recorded, and there would have to be requirements for the companies deciding to use this.
Spoiler (Click to View)I am not sure if this idea has been suggested before, but why don't the larger BTC companies work together on creating a option for reducing the transaction fee's for BTC transactions, by storing data of each wallet into a database, and then send the entire BTC amount from 1 wallet.
Example; 3 transactions resulting in a total of $400 is sent from exchange1 to exchange2 in the past 5 minutes.
Between exchange 1 and exchange 2, there would be a common platform where the data for the wallet ID's are commonly shared. This way the exchanges and major sites would only be paying the transaction fee's for 1 large transaction, thereby resulting in paying less fees, and causing less fee's for day-to-day transactions. It would allow BTC to be mass-adopted, at a low cost.
The amounts would then evenly be distributed from the backend to showcase the value on the frontend, however it will still be the backend handling all the data. Keep in mind this would only be possible for online wallets, exchanges and platforms.
Illustration of my idea: (Don't mind my quick sketch.)
Pros:
+ Fast transactions
+ Cost effective
Cons:
- Each individual payment can only be seen on the MM platform, while the total sum transaction is broadcasted to the Blockchain.
What are your thoughts on this idea, and is it possible at all?. Also, the MM platform would need to be open source to ensure the transaction was recorded, and there would have to be requirements for the companies deciding to use this.
