Author: Christopher Gilliard 2021-04-20 17:12:35
Published on: 2021-04-20T17:12:35+00:00
In this email thread, Zach Greenwood discusses the issue of businesses storing data on the blockchain, which he deems unavoidable but undesirable. He suggests creating a more efficient way to store data on-chain while still being almost as expensive in use per byte of payload compared to using OP_RETURN. This could encourage the use of this facility in favor of OP_RETURN or other hacks, while reducing the footprint of storing data on-chain. Yanmaani also contributes to the discussion, suggesting that if only one hash is allowed per block, those who wish to utilize the hash will have to out-bid each other ("fee-bidding"). He proposes adding rules such as no OP_RETURN transactions allowed at all and committing data in that one transaction in the coinbase to simplify merged mining. However, he raises a concern about how payment would be handled and whether a transaction that burns bitcoins for the tx fee would be necessary, which could also lead to storage costs. Chris responds to the thread, mentioning that he sent out another email to the dev alias with the other two BIPs mentioned last week, which is pending approval. He suggests discussing those BIPs in a new thread to avoid having a lot of comments about them on this thread.
Updated on: 2023-06-14T20:10:05.914405+00:00