Author: Zach Greenwood 2021-04-20 08:45:31
Published on: 2021-04-20T08:45:31+00:00
The message posted to the Bitcoin-dev mailing list proposes the development of a facility that would enable more efficient and cost-effective storage of data on-chain. As businesses storing data on-chain is unavoidable, a dedicated data storing facility could be created that stores more payload data per on-chain byte, compared to using the inefficient OP_RETURN hack. This proposed facility would encourage its use in favor of OP_RETURN or other hacks, while also dramatically reducing the footprint of storing data on-chain. The post also discusses the idea of utilizing merged-mining with one hash per block and no OP_RETURN transactions allowed, with data committed in the coinbase transaction. The issue of payment for the transaction fee is also raised.
Updated on: 2023-06-14T20:09:25.770247+00:00