Author: John Hardy 2017-02-05 21:06:19
Published on: 2017-02-05T21:06:19+00:00
The idea of transaction signaling through output address hashing was discussed in a Bitcoin-dev email thread. The main concern raised was the probabilistic collisions that would occur at 4 characters length, however, they were deemed statistically insignificant. Wallet implementation of this method would be easy and just require a loop of existing address generation until a match is found. Additionally, wallets could provide a dropdown menu showing commonly used signals or allow for write-ins. Signaling within OP_RETURN increases the tx size and cost, but using this address hashing method keeps the cost of voting off the chain, ensuring that it doesn't get passed on to everyone with the insertion of additional data. It's worth noting that CryptoVoter, a similar idea, has been introduced and deserves more attention.
Updated on: 2023-05-20T00:50:26.575869+00:00