Author: Jule.Adka 2020-08-25 13:42:05
Published on: 2020-08-25T13:42:05+00:00
A proposal has been made to address the scalability and privacy issues associated with Bitcoin transactions. The proposal involves the use of a new type of output called Mekelized Output Set and the p2mos (pay to Mekelized Output Set) standard. This approach involves only specifying a Markle root instead of listing all the output set, reducing the amount of data created through transactions and solving scalability problems. Additionally, this approach solves privacy issues by keeping information about the outputs private until they are spent. The proposal also saves space in blocks and makes transactions smaller, decreasing the data used for SPV nodes. However, it requires more coordination between wallets and extra bandwidth for downloading the witness data. Retro compatibility is possible but requires implementation as a soft-fork.
Updated on: 2023-05-20T23:47:13.202719+00:00