SPP BIP 70: Authored by Gavin Andresen and Mike Hearn to make payments faster and more secure: “enabling both a better customer experience and better security against man-in-the-middle attacks on the payment process.”
Protocol: “The payment protocol consists of three messages; PaymentRequest, Payment, and PaymentACK, and begins with the customer somehow indicating that they are ready to pay and the merchant’s server responding with a PaymentRequest message:”
- Addresses: user wallets can auto send SPP to a URL and retrieve an address w/ the proper amount (i.e buffer against typos).
- Broadcasting: SPP sends transaction copy to a server and is verified for re-broadcasting – (i.e. reduces wait time for acceptance- merchants don’t have to wait for confirmations)
- Refunds: user won’t have to contact the client to refund at the correct address (refunds can be issued to an already verified address). Example: over-payments and merchandise issues.