Author: Zac Greenwood 2022-02-25 01:12:34
Published on: 2022-02-25T01:12:34+00:00
Zac emailed ZmnSCPxj proposing that reducing the footprint of storing data on-chain could be achieved by supporting it. Currently, storing data is wasteful because it is embedded inside an OP_RETURN within a transaction structure. Zac's presumption is that using a standard transaction for storing data must be inefficient. Presumably, a transaction takes up significantly more on-chain space than the data it carries within its OP_RETURN. Therefore, not requiring a standard transaction for data storage should be more efficient. Facilitating data storage within some specialized, more space-efficient data structure at marginally lower fee per payload-byte should enable reducing the footprint of storing data on-chain. If storing data through OP_RETURN embedded within a transaction is optimal in terms of on-chain footprint then Zac's proposal doesn’t seem useful. In response to Zac's proposal, ZmnSCPxj asked how he would pay a miner to include the data on the blockchain if the data is not embedded inside a transaction. ZmnSCPxj believes that he needs a transaction to pay a miner anyway, so embedding it into the same transaction he is using to pay the miner would be more efficient.
Updated on: 2023-06-15T17:14:26.568201+00:00