Off-chain Bitcoin Micropayments Implemented in Bitcoinj

The latest improvement to bitcoinj will enable users to make off-block chain micro transactions and has the potential to dramatically reduce the size of blocks going forward. There has been considerable concern about the minimum size of transactions that should be included in blocks. While many voice the opinion that no one should be allowed to police what transactions can be included, it is equally as clear that it is not reasonable for everyone in the world to host every bitcoin transaction on their hard drive. Gavin was particularly excited about the implementation: The block chain recently passed 8GB, a …