Published on: 2018-04-25T06:58:45+00:00
Tyler Hawkins has proposed a new method called Numerifides, which aims to enable the registration of human-readable names and arbitrary data on the Bitcoin network. This innovative approach involves creating a new transaction type known as "numerifides" transactions, where Bitcoin is locked up for a specific period to discourage name squatting. Furthermore, these transactions include a puzzle that allows for the revocation of highly contested names or "squatted" mappings through community consensus. To ensure censorship resistance and the inclusion of high-fee transactions, Numerifides adopts the Replace-By-Fee (RBF) mechanism. This means that if a name is contentious or miners wish to censor, an honest greedy miner can include the censored user's high-fee transaction. By incrementing a nonce in the registration data off-chain, the mining process prevents "namesquatting" commonly observed in Namecoin.In addition to the Bitcoin blockchain, Numerifides establishes a secondary network for gossipping name-to-data mappings. This network is rooted from the numerifide transactions and facilitates the exchange of information. Through this approach, Numerifides successfully addresses Zooko's triangle by providing secure, decentralized, and human meaningful solutions.Tyler Hawkins encourages feedback and potential enhancements for Numerifides, and interested individuals can access the full working spec on GitHub at https://github.com/tyzbit/numerifides. As a possible change, it is proposed that a P2WSH defining the mapping could be gossiped about outside of the Bitcoin network, incentivizing the inclusion of such data in blocks.
Updated on: 2023-08-01T22:53:27.856017+00:00