Author: Peter Todd 2013-02-08 11:01:08
Published on: 2013-02-08T11:01:08+00:00
Timo Hanke has drafted a general specification for Bitcoin certificates that allow for various payment protocols and new signatures under the certificates. The Bitcoind program was patched to handle certificates, submit signatures to the blockchain, verify certificates against the blockchain, pay directly to certificates with different payment methods, and revoke certificates. Signatures in the blockchain are stored entirely in the UTXO set, making signature lookup and verification reasonably fast. However, Peter Todd argues that using the UTXO set will encourage squatting behavior and create significant costs to the network. Moreover, squatting of subsequent transactions can further clog up the UTXO set. Todd also suggests creating an RPC command that allows direct querying of the UTXO set. He recommends not implementing this approach within the reference client since it's ill-advised, even for a prototype.
Updated on: 2023-06-06T09:53:58.155581+00:00