Author: Zac Greenwood 2022-02-25 07:15:06
Published on: 2022-02-25T07:15:06+00:00
Zac proposed a new approach to Bitcoin transactions to save space by not requiring outputs and fees to be specified in data-transaction. The fee could be calculated based on the size of the data, and the network could subtract it directly from the specified UTXO. However, if the balance of the selected UTXO is insufficient to pay for the data, the transaction will be invalid. ZmnSCPxj responded by stating that using a standard transaction for storing data is not inefficient since a transaction takes up significantly more on-chain space than the data it carries within its OP_RETURN. He argues that using a specialized, more space-efficient data structure at marginally lower fee per payload-byte should enable reducing the footprint of storing data on-chain. ZmnSCPxj also notes that adding a separate field to the transaction would require a hardfork, which is not justified for saving a few bytes for an application that is arguably not the "job" of Bitcoin. Thus, any softfork seems likely to spend more bytes than what it could save.
Updated on: 2023-06-15T17:14:50.995989+00:00