Published on: 2015-07-25T22:05:28+00:00
On July 23, 2015, Jeremy Rubin introduced a Bitcoin Improvement Proposal (BIP) aimed at reducing the number of bytes required for each transaction. This proposal, which can be found on Github, has the potential to decrease transaction sizes by approximately 12% for standard "one in two out" transactions and potentially even more for transactions with multiple input hashes.The proposed changes are intended to optimize the peer-to-peer protocol and could be implemented as a soft fork. However, Luke pointed out that more specific documentation is needed to fully understand the suggested protocol changes. Despite this, it seems that the implementation of these changes may not require a soft fork.The BIP is still in its early stages, and there are various design options available for this type of improvement. It is important to note that some people found the cultural analogy used to explain the technical process, known as the "Txid Hokey Pokey," confusing. As a result, there have been requests for a more neutral explanation of the proposed consensus change.One aspect that remains uncertain is how the introduction of a "compact tx" would result in a different hash compared to a non-compact one. This uncertainty highlights the need for further documentation and exploration of the proposed changes before they can be fully implemented.Overall, the draft BIP aims to reduce the amount of data required per transaction in order to improve efficiency within the Bitcoin network. While the proposal is still being developed, it offers the potential for significant reductions in transaction sizes, particularly for certain types of transactions.
Updated on: 2023-08-01T14:35:40.526436+00:00