Author: Alan Reiner 2015-01-23 16:27:27
Published on: 2015-01-23T16:27:27+00:00
In this conversation between Gregory Maxwell and Alan Reiner on January 23, 2015, they discussed the possibility of a soft-fork approach to achieve the desired benefit. They concluded that most of the soft-fork variations required coins being spent to have originated in a special way, which would not work with existing coins and would require senders to update their software. Maxwell argued that this was unreasonable and suggested a straightforward soft-fork approach that is safe and requires newly created addresses for coins that use the new signature type. He noted that this is preferable to expecting everyone else on the system, including miners and full nodes, to replace their software with an incompatible version to accommodate transactions that they may not care about.Moreover, any proposal requiring coin origination features means that all payers need to be compatible with the new structure, making it impossible to spend old coins sent before the implementation. If someone sends coins without respecting the new structure, then signing devices need the full-complexity routines to accommodate, defeating the entire purpose. Maxwell believes that the new SIGHASH type is the only way to truly simplify the design of devices like Trezor and work securely on 100% of the wallet's funds.
Updated on: 2023-06-09T15:57:20.830342+00:00