Published on: 2014-04-06T10:37:32+00:00
Maciej Trebacz has proposed a process called BIP (Bitcoin Improvement Proposal) to standardize OP_RETURN transactions in order to enhance interoperability between services. The aim is to create a common, extensible protocol that can be utilized by anyone. The suggested generic format for these transactions would consist of OP_RETURN OP_PUSHDATA[length] {2-byte message type} {data}. The author also proposes a list of message types that can be parsed by everyone, ensuring openness. However, caution is advised against making it easy for third parties to determine the purpose of OP_RETURN messages, as this could potentially lead to censorship. It is also noted that it may be necessary to consider alternative options to OP_RETURN, as its future form is uncertain.In an email conversation dated April 6th, 2014, Maciej Trebacz discusses a method for destroying coins through a Proof of Burn transaction. This involves sending all the coins as fees to miners, effectively removing them from circulation. However, the author points out that for those who only require a dummy output for an all fee transaction, there is no need for a PUSH at all.The author's main proposal is to establish standardized OP_RETURN transactions by creating a common and extensible protocol that can be adopted by anyone. Currently, there are no specific guidelines for crafting these transactions, resulting in each individual implementing their own approach. By introducing a standard format with a list of message types that can be universally parsed, the author aims to address this issue. The success of such a standard relies on it being an open format, hence the suggestion for it to be incorporated into a BIP. Furthermore, the author expresses interest in contributing additional ideas for these types of messages and seeks clarification on whether they can be included with other BIPs if they are written.
Updated on: 2023-08-01T08:34:22.081585+00:00