diff --git a/src/Ledger.cpp b/src/Ledger.cpp
index 30656cd218..495974f34f 100644
--- a/src/Ledger.cpp
+++ b/src/Ledger.cpp
@@ -162,7 +162,7 @@ bool Ledger::addTransaction(Transaction::pointer trans)
 	assert(!mAccepted);
 	assert(!!trans->getID());
 	Serializer s;
-	trans->getSTransaction()->getTransaction(s, false);
+	trans->getSTransaction()->add(s);
 	SHAMapItem::pointer item = boost::make_shared<SHAMapItem>(trans->getID(), s.peekData());
 	if (!mTransactionMap->addGiveItem(item, true)) return false;
 	mTotCoins -= trans->getFee();
diff --git a/src/LedgerConsensus.cpp b/src/LedgerConsensus.cpp
index 44d2807ff8..0785db6ca4 100644
--- a/src/LedgerConsensus.cpp
+++ b/src/LedgerConsensus.cpp
@@ -9,6 +9,8 @@
 #include "SerializedValidation.h"
 #include "Log.h"
 
+#define TRUST_NETWORK
+
 TransactionAcquire::TransactionAcquire(const uint256& hash) : PeerSet(hash, 1), mHaveRoot(false)
 {
 	mMap = boost::make_shared<SHAMap>();
@@ -339,7 +341,6 @@ int LedgerConsensus::stateFinished(int secondsSinceClose)
 
 int LedgerConsensus::stateAccepted(int secondsSinceClose)
 { // we have accepted a new ledger
-	statusChange(newcoin::neACCEPTED_LEDGER, theApp->getMasterLedger().getClosedLedger());
 	endConsensus();
 	return 4;
 }
@@ -432,7 +433,6 @@ void LedgerConsensus::closeLedger()
 {
 	Log(lsINFO) << "Closing ledger";
 	Ledger::pointer initial = theApp->getMasterLedger().getCurrentLedger();
-	statusChange(newcoin::neCLOSING_LEDGER, initial);
 	statusChange(newcoin::neCLOSING_LEDGER, mPreviousLedger);
 }
 
@@ -525,7 +525,8 @@ bool LedgerConsensus::peerPosition(LedgerProposal::pointer newPosition)
 			return true;
 		}
 	}
-	Log(lsINFO) << "Peer changes position";
+	Log(lsINFO) << "Peer position " << newPosition->getProposeSeq() << "/"
+		<< newPosition->getCurrentHash().GetHex();
 	currentPosition = newPosition;
 	SHAMap::pointer set = getTransactionTree(newPosition->getCurrentHash(), true);
 	if (set)
@@ -595,10 +596,12 @@ void LedgerConsensus::applyTransactions(SHAMap::pointer set, Ledger::pointer led
 	while (item)
 	{
 		Log(lsINFO) << "Processing candidate transaction: " << item->getTag().GetHex();
+#ifndef TRUST_NETWORK
 		try
 		{
+#endif
 			SerializerIterator sit(item->peekSerializer());
-			SerializedTransaction::pointer txn = boost::make_shared<SerializedTransaction>(boost::ref(sit), 0);
+			SerializedTransaction::pointer txn = boost::make_shared<SerializedTransaction>(boost::ref(sit));
 			TransactionEngineResult result = engine.applyTransaction(*txn, tepNO_CHECK_FEE);
 			if (result > 0)
 			{
@@ -616,11 +619,13 @@ void LedgerConsensus::applyTransactions(SHAMap::pointer set, Ledger::pointer led
 				Log(lsINFO) << "   hard fail";
 				assert(!ledger->hasTransaction(item->getTag()));
 			}
+#ifndef TRUST_NETWORK
 		}
 		catch (...)
 		{
 			Log(lsWARNING) << "  Throws";
 		}
+#endif
 		item = set->peekNextItem(item->getTag());
 	}
 
@@ -655,7 +660,11 @@ void LedgerConsensus::applyTransactions(SHAMap::pointer set, Ledger::pointer led
 
 void LedgerConsensus::accept(SHAMap::pointer set)
 {
+	assert(set->getHash() == mOurPosition->getCurrentHash());
 	Log(lsINFO) << "Computing new LCL based on network consensus";
+	Log(lsDEBUG) << "Consensus " << mOurPosition->getCurrentHash().GetHex();
+	Log(lsDEBUG) << "Previous LCL " << mPreviousLedger->getParentHash().GetHex();
+
 	Ledger::pointer newLCL = boost::make_shared<Ledger>(mPreviousLedger);
 
 	std::deque<SerializedTransaction::pointer> failedTransactions;
@@ -680,7 +689,8 @@ void LedgerConsensus::accept(SHAMap::pointer set)
 	newcoin::TMValidation val;
 	val.set_validation(&validation[0], validation.size());
 	theApp->getConnectionPool().relayMessage(NULL, boost::make_shared<PackedMessage>(val, newcoin::mtVALIDATION));
-	Log(lsINFO) << "Validation sent";
+	Log(lsINFO) << "Validation sent " << newLCL->getHash().GetHex();
+	statusChange(newcoin::neACCEPTED_LEDGER, newOL);
 }
 
 void LedgerConsensus::endConsensus()
diff --git a/src/LedgerMaster.cpp b/src/LedgerMaster.cpp
index 0b13b55ecf..67ef56705d 100644
--- a/src/LedgerMaster.cpp
+++ b/src/LedgerMaster.cpp
@@ -20,7 +20,7 @@ void LedgerMaster::pushLedger(Ledger::pointer newLedger)
 	// Caller should already have properly assembled this ledger into "ready-to-close" form --
 	// all candidate transactions must already be appled
 	ScopedLock sl(mLock);
-	if(!!mFinalizedLedger)
+	if (!!mFinalizedLedger)
 	{
 		mFinalizedLedger->setClosed();
 		mFinalizedLedger->setAccepted();
@@ -37,7 +37,8 @@ void LedgerMaster::pushLedger(Ledger::pointer newLCL, Ledger::pointer newOL)
 	assert(!newOL->isClosed() && !newOL->isAccepted());
 
 	ScopedLock sl(mLock);
-	mLedgerHistory.addAcceptedLedger(newLCL);
+	if (!!mFinalizedLedger)
+		mLedgerHistory.addAcceptedLedger(mFinalizedLedger);
 	mFinalizedLedger = newLCL;
 	mCurrentLedger = newOL;
 	mEngine.setLedger(newOL);
@@ -90,7 +91,7 @@ void LedgerMaster::applyFutureProposals(uint32 ledgerIndex)
 {
 	for(list< pair<Peer::pointer,newcoin::ProposeLedger> >::iterator iter=mFutureProposals.begin(); iter !=mFutureProposals.end(); )
 	{
-		if( (*iter).second.ledgerindex() == ledgerIndex)
+		if ((*iter).second.ledgerindex() == ledgerIndex)
 		{
 			checkLedgerProposal((*iter).first,(*iter).second);
 			mFutureProposals.erase(iter);
diff --git a/src/Log.h b/src/Log.h
index e226d3bf53..bb5bbc14fb 100644
--- a/src/Log.h
+++ b/src/Log.h
@@ -39,6 +39,11 @@ public:
 		return oss << t;
 	}
 
+	std::ostringstream& ref(void) const
+	{
+		return oss;
+	}
+
 	static void setMinSeverity(LogSeverity);
 };
 
diff --git a/src/NetworkOPs.cpp b/src/NetworkOPs.cpp
index 0a0da2fea1..50c208cc76 100644
--- a/src/NetworkOPs.cpp
+++ b/src/NetworkOPs.cpp
@@ -85,7 +85,7 @@ Transaction::pointer NetworkOPs::processTransaction(Transaction::pointer trans,
 
 		newcoin::TMTransaction tx;
 		Serializer s;
-		trans->getSTransaction()->getTransaction(s, false);
+		trans->getSTransaction()->add(s);
 		tx.set_rawtransaction(&s.getData().front(), s.getLength());
 		tx.set_status(newcoin::tsCURRENT);
 		tx.set_receivetimestamp(getNetworkTimeNC());
diff --git a/src/Peer.cpp b/src/Peer.cpp
index 7610b6416b..a2132d1ee0 100644
--- a/src/Peer.cpp
+++ b/src/Peer.cpp
@@ -580,7 +580,7 @@ void Peer::recvTransaction(newcoin::TMTransaction& packet)
 		std::string rawTx = packet.rawtransaction();
 		Serializer s(std::vector<unsigned char>(rawTx.begin(), rawTx.end()));
 		SerializerIterator sit(s);
-		SerializedTransaction::pointer stx = boost::make_shared<SerializedTransaction>(boost::ref(sit), -1);
+		SerializedTransaction::pointer stx = boost::make_shared<SerializedTransaction>(boost::ref(sit));
 
 		tx = boost::make_shared<Transaction>(stx, true);
 		if (tx->getStatus() == INVALID) throw(0);
@@ -708,6 +708,11 @@ void Peer::recvStatus(newcoin::TMStatusChange& packet)
 		mClosedLedgerTime = ptFromSeconds(packet.networktime());
 		Log(lsTRACE) << "peer LCL is " << mClosedLedgerHash.GetHex();
 	}
+	else if(packet.has_previousledgerhash() && packet.previousledgerhash().size() == (256 / 8))
+	{
+		memcpy(mClosedLedgerHash.begin(), packet.previousledgerhash().data(), 256 / 8);
+		mClosedLedgerTime = ptFromSeconds(packet.networktime());
+	}
 }
 
 void Peer::recvGetLedger(newcoin::TMGetLedger& packet)
diff --git a/src/SerializedObject.cpp b/src/SerializedObject.cpp
index 05d2add063..e9c0564c5f 100644
--- a/src/SerializedObject.cpp
+++ b/src/SerializedObject.cpp
@@ -186,9 +186,12 @@ std::string STObject::getFullText() const
 
 	for (boost::ptr_vector<SerializedType>::const_iterator it = mData.begin(), end = mData.end(); it != end; ++it)
 	{
-		if (!first) ret += ", ";
-		else first = false;
-		ret += it->getFullText();
+		if (it->getSType() != STI_NOTPRESENT)
+		{
+			if (!first) ret += ", ";
+			else first = false;
+			ret += it->getFullText();
+		}
 	}
 
 	ret += "}";
@@ -234,8 +237,8 @@ bool STObject::isEquivalent(const SerializedType& t) const
 	boost::ptr_vector<SerializedType>::const_iterator it2 = v->mData.begin(), end2 = v->mData.end();
 	while ((it1 != end1) && (it2 != end2))
 	{
-		if (it1->getSType() != it2->getSType()) return false;
-		if (!it1->isEquivalent(*it2)) return false;
+		if ((it1->getSType() != it2->getSType()) || !it1->isEquivalent(*it2))
+			return false;
 		++it1;
 		++it2;
 	}
diff --git a/src/SerializedTransaction.cpp b/src/SerializedTransaction.cpp
index e4a4fefa44..9f66a25ebe 100644
--- a/src/SerializedTransaction.cpp
+++ b/src/SerializedTransaction.cpp
@@ -8,29 +8,26 @@ SerializedTransaction::SerializedTransaction(TransactionType type) : mType(type)
 	mFormat = getTxnFormat(type);
 	if (mFormat == NULL) throw std::runtime_error("invalid transaction type");
 
-	mMiddleTxn.giveObject(new STUInt32("Magic", TransactionMagic));
 	mMiddleTxn.giveObject(new STVariableLength("SigningPubKey"));
 	mMiddleTxn.giveObject(new STAccount("SourceAccount"));
 	mMiddleTxn.giveObject(new STUInt32("Sequence"));
 	mMiddleTxn.giveObject(new STUInt16("Type", static_cast<uint16>(type)));
-	mMiddleTxn.giveObject(new STAmount("Fee"));
+	mMiddleTxn.giveObject(new STUInt64("Fee"));
 
-	mInnerTxn=STObject(mFormat->elements, "InnerTransaction");
+	mInnerTxn = STObject(mFormat->elements, "InnerTransaction");
 }
 
-SerializedTransaction::SerializedTransaction(SerializerIterator& sit, int length)
+SerializedTransaction::SerializedTransaction(SerializerIterator& sit)
 {
-	if (length == -1) length = sit.getBytesLeft();
-	else if (length == 0) length = sit.get32();
+	int length = sit.getBytesLeft();
 	if ((length < TransactionMinLen) || (length > TransactionMaxLen))
+	{
+		Log(lsERROR) << "Transaction has invalid length: " << length;
 		throw std::runtime_error("Transaction length invalid");
+	}
 
 	mSignature.setValue(sit.getVL());
 
-	if (sit.get32() != TransactionMagic)
-		throw std::runtime_error("Transaction has invalid magic");
-
-	mMiddleTxn.giveObject(new STUInt32("Magic", TransactionMagic));
 	mMiddleTxn.giveObject(new STVariableLength("SigningPubKey", sit.getVL()));
 
 	STAccount sa("SourceAccount", sit.getVL());
@@ -47,7 +44,7 @@ SerializedTransaction::SerializedTransaction(SerializerIterator& sit, int length
 		Log(lsERROR) << "Transaction has invalid type";
 		throw std::runtime_error("Transaction has invalid type");
 	}
-	mMiddleTxn.giveObject(new STAmount("Fee", sit.get64()));
+	mMiddleTxn.giveObject(new STUInt64("Fee", sit.get64()));
 
 	mInnerTxn = STObject(mFormat->elements, sit, "InnerTransaction");
 }
@@ -94,14 +91,11 @@ std::vector<NewcoinAddress> SerializedTransaction::getAffectedAccounts() const
 	return accounts;
 }
 
-int SerializedTransaction::getTransaction(Serializer& s, bool include_length) const
+void SerializedTransaction::add(Serializer& s) const
 {
-	int l = getLength();
-	if (include_length) s.add32(l);
 	mSignature.add(s);
 	mMiddleTxn.add(s);
 	mInnerTxn.add(s);
-	return l;
 }
 
 bool SerializedTransaction::isEquivalent(const SerializedType& t) const
@@ -117,6 +111,7 @@ bool SerializedTransaction::isEquivalent(const SerializedType& t) const
 uint256 SerializedTransaction::getSigningHash() const
 {
 	Serializer s;
+	s.add32(TransactionMagic);
 	mMiddleTxn.add(s);
 	mInnerTxn.add(s);
 	return s.getSHA512Half();
@@ -156,32 +151,18 @@ void SerializedTransaction::setSignature(const std::vector<unsigned char>& sig)
 	mSignature.setValue(sig);
 }
 
-uint32 SerializedTransaction::getVersion() const
+uint64 SerializedTransaction::getTransactionFee() const
 {
-	const STUInt32* v = dynamic_cast<const STUInt32*>(mMiddleTxn.peekAtPIndex(TransactionIVersion));
+	const STUInt64* v = dynamic_cast<const STUInt64*>(mMiddleTxn.peekAtPIndex(TransactionIFee));
 	if (!v) throw std::runtime_error("corrupt transaction");
 	return v->getValue();
 }
 
-void SerializedTransaction::setVersion(uint32 ver)
+void SerializedTransaction::setTransactionFee(uint64 fee)
 {
-	STUInt32* v = dynamic_cast<STUInt32*>(mMiddleTxn.getPIndex(TransactionIVersion));
+	STUInt64* v = dynamic_cast<STUInt64*>(mMiddleTxn.getPIndex(TransactionIFee));
 	if (!v) throw std::runtime_error("corrupt transaction");
-	v->setValue(ver);
-}
-
-STAmount SerializedTransaction::getTransactionFee() const
-{
-	const STAmount* v = dynamic_cast<const STAmount*>(mMiddleTxn.peekAtPIndex(TransactionIFee));
-	if (!v) throw std::runtime_error("corrupt transaction");
-	return v->getNValue();
-}
-
-void SerializedTransaction::setTransactionFee(STAmount saFee)
-{
-	STAmount* v = dynamic_cast<STAmount*>(mMiddleTxn.getPIndex(TransactionIFee));
-	if (!v) throw std::runtime_error("corrupt transaction");
-	v->setNValue(saFee);
+	v->setValue(fee);
 }
 
 uint32 SerializedTransaction::getSequence() const
diff --git a/src/SerializedTransaction.h b/src/SerializedTransaction.h
index ed6300815b..3e84ab3bf4 100644
--- a/src/SerializedTransaction.h
+++ b/src/SerializedTransaction.h
@@ -26,7 +26,7 @@ protected:
 	SerializedTransaction* duplicate() const { return new SerializedTransaction(*this); }
 
 public:
-	SerializedTransaction(SerializerIterator& sit, int length); // -1=all remaining, 0=get from sit
+	SerializedTransaction(SerializerIterator& sit);
 	SerializedTransaction(TransactionType type);
 
 	// STObject functions
@@ -34,7 +34,7 @@ public:
 	SerializedTypeID getSType() const { return STI_TRANSACTION; }
 	std::string getFullText() const;
 	std::string getText() const;
-	void add(Serializer& s) const { getTransaction(s, true); }
+	void add(Serializer& s) const;
 	virtual bool isEquivalent(const SerializedType& t) const;
 
 	// outer transaction functions / signature functions
@@ -43,13 +43,9 @@ public:
 	void setSignature(const std::vector<unsigned char>& s);
 	uint256 getSigningHash() const;
 
-	// middle transaction functions
-	uint32 getVersion() const;
-	void setVersion(uint32);
-
 	TransactionType getTxnType() const { return mType; }
-	STAmount getTransactionFee() const;
-	void setTransactionFee(STAmount saFee);
+	uint64 getTransactionFee() const;
+	void setTransactionFee(uint64 fee);
 
 	const NewcoinAddress& getSourceAccount() const { return mSourceAccount; }
 	std::vector<unsigned char> getSigningPubKey() const;
@@ -111,8 +107,6 @@ public:
 
 	std::vector<NewcoinAddress> getAffectedAccounts() const;
 
-	// whole transaction functions
-	int getTransaction(Serializer& s, bool include_length) const;
 	uint256 getTransactionID() const;
 
 	virtual Json::Value getJson(int options) const;
diff --git a/src/SerializedTypes.cpp b/src/SerializedTypes.cpp
index 276b13464d..6b7d9e52b2 100644
--- a/src/SerializedTypes.cpp
+++ b/src/SerializedTypes.cpp
@@ -147,7 +147,7 @@ std::string STVariableLength::getText() const
 
 STVariableLength* STVariableLength::construct(SerializerIterator& u, const char *name)
 {
-	return new STVariableLength(u.getVL());
+	return new STVariableLength(name, u.getVL());
 }
 
 int STVariableLength::getLength() const
diff --git a/src/SerializedTypes.h b/src/SerializedTypes.h
index 70e3660866..f9c68a2e15 100644
--- a/src/SerializedTypes.h
+++ b/src/SerializedTypes.h
@@ -68,7 +68,8 @@ public:
 
 	virtual void add(Serializer& s) const { return; }
 
-	virtual bool isEquivalent(const SerializedType& t) const { return true; }
+	virtual bool isEquivalent(const SerializedType& t) const
+	{ assert(getSType() == STI_NOTPRESENT); return t.getSType() == STI_NOTPRESENT; }
 
 	bool operator==(const SerializedType& t) const
 	{ return (getSType() == t.getSType()) && isEquivalent(t); }
diff --git a/src/Transaction.cpp b/src/Transaction.cpp
index aa9427bbf6..f102710cfb 100644
--- a/src/Transaction.cpp
+++ b/src/Transaction.cpp
@@ -37,7 +37,7 @@ Transaction::pointer Transaction::sharedTransaction(const std::vector<unsigned c
 		Serializer			s(vucTransaction);
 		SerializerIterator	sit(s);
 
-		SerializedTransaction::pointer	st	= boost::make_shared<SerializedTransaction>(boost::ref(sit), -1);
+		SerializedTransaction::pointer	st	= boost::make_shared<SerializedTransaction>(boost::ref(sit));
 
 		return boost::make_shared<Transaction>(st, bValidate);
 	}
@@ -396,7 +396,7 @@ Transaction::pointer Transaction::transactionFromSQL(const std::string& sql)
 
 	Serializer s(rawTxn);
 	SerializerIterator it(s);
-	SerializedTransaction::pointer txn = boost::make_shared<SerializedTransaction>(boost::ref(it), -1);
+	SerializedTransaction::pointer txn = boost::make_shared<SerializedTransaction>(boost::ref(it));
 	Transaction::pointer tr = boost::make_shared<Transaction>(txn, true);
 
 	TransStatus st(INVALID);
diff --git a/src/TransactionEngine.cpp b/src/TransactionEngine.cpp
index 05812b29f1..9997b47103 100644
--- a/src/TransactionEngine.cpp
+++ b/src/TransactionEngine.cpp
@@ -1,13 +1,19 @@
+
 #include "TransactionEngine.h"
 
+#include <boost/format.hpp>
+
+#include "../json/writer.h"
+
 #include "Config.h"
 #include "TransactionFormats.h"
 #include "utils.h"
-
-#include <boost/format.hpp>
+#include "Log.h"
 
 typedef SerializedLedgerEntry SLE;
 
+
+
 #define DIR_NODE_MAX	32
 
 // We return the uNodeDir so that on delete we can quickly know where the element is mentioned in the directory.
@@ -230,6 +236,24 @@ TransactionEngineResult TransactionEngine::applyTransaction(const SerializedTran
 {
 	std::cerr << "applyTransaction>" << std::endl;
 
+#ifdef DEBUG
+	if (1)
+	{
+		Serializer ser;
+		txn.add(ser);
+		SerializerIterator sit(ser);
+		SerializedTransaction s2(sit);
+		if (!s2.isEquivalent(txn))
+		{
+			std::cerr << "Transaction serdes mismatch" << std::endl;
+			Json::StyledStreamWriter ssw;
+			ssw.write(Log(lsINFO).ref(), txn.getJson(0));
+			ssw.write(Log(lsFATAL).ref(), s2.getJson(0));
+			assert(false);
+		}
+	}
+#endif
+
 	TransactionEngineResult result = terSUCCESS;
 
 	uint256 txID = txn.getTransactionID();
diff --git a/src/TransactionFormats.h b/src/TransactionFormats.h
index 95a4c01dca..f6fc893134 100644
--- a/src/TransactionFormats.h
+++ b/src/TransactionFormats.h
@@ -23,12 +23,11 @@ struct TransactionFormat
 
 const int32 TransactionMagic		= 0x54584E00;	// 'TXN'
 
-const int TransactionIVersion		= 0;
-const int TransactionISigningPubKey	= 1;
-const int TransactionISourceID		= 2;
-const int TransactionISequence		= 3;
-const int TransactionIType			= 4;
-const int TransactionIFee			= 5;
+const int TransactionISigningPubKey	= 0;
+const int TransactionISourceID		= 1;
+const int TransactionISequence		= 2;
+const int TransactionIType			= 3;
+const int TransactionIFee			= 4;
 
 const int TransactionMinLen			= 32;
 const int TransactionMaxLen			= 1048576;