What is a Transaction Processing Service? π
A transaction processing service is a platform that handles the complexities of blockchain transactions, allowing developers and businesses to focus on their specific tasks without worrying about the technical aspects. It provides a straightforward and reliable way to interact with the blockchain network.
What is ARC and how does it work? π
ARC (Asynchronous Relay Client) is a transaction processing service designed to enhance transaction reliability and efficiency in the Bitcoin SV (BSV) ecosystem. It connects to every mining node on the network and includes various microservices like API server, validator, metamorph, and peer manager. ARC also stores blocks in a new format, containing transaction IDs instead of full transaction data. It aims to simplify transaction processing within the BSV network.
ARC API π
The ARC API serves as the user interface for interacting with the ARC system. It provides key endpoints, allowing users to set requirements for transactions, submit transactions for processing, and retrieve transaction status. The API accepts transactions in an extended format, which includes additional information for script validation and fee checks.
Metamorph π
Metamorph is a microservice within ARC responsible for placing pre-validated transactions on the blockchain using the peer-to-peer network. It can connect to multiple instances to handle a large number of transactions. Metamorph processes transactions received from the API, monitors their status, and forwards relevant updates as needed.
BlockTx βοΈ
BlockTx is another microservice that listens to peer-to-peer messages, specifically block announcements. When it detects a block announcement, BlockTx retrieves the necessary data and actively processes it. Instead of storing full transaction data, BlockTx focuses on validating transaction IDs and calculating Merkle paths for connected Metamorph instances.
ARC: Callbacker π
The Callbacker service allows users to monitor the progress and status of their transactions. Users can receive notifications when their transaction status changes by specifying a URL and optional token. Callbacker sends data, including mining status and Merkle path, to the provided URL.
ARC workflow π
The transaction processing workflow within ARC involves two sides: submission transaction via P2P and processing blocks via P2P. The client submits a transaction through the API, which undergoes validation and processing in Metamorph. On the other side, when a new block is announced in the Bitcoin network, ARC retrieves the block, calculates Merkle paths, and updates clients with transaction IDs and status updates.
A closer look at the block hash message π
When a node in the network finds a new block, ARC retrieves the block data, extracts transaction data, and stores transaction IDs and Merkle paths. This process ensures the accuracy of transaction status, even when a user reconnects to the API after being offline.
Differences from SVNode π
ARC is not an upgrade of SVNode software but represents a different approach to transaction processing. While both serve the same user base, ARC is designed to be compatible with