Author: Andreas M. Antonopoulos 2013-06-06 19:59:16
Published on: 2013-06-06T19:59:16+00:00
The discussion revolves around the idea that bitcoin can operate as a platform for various services, as long as the fee is paid for the transaction size. However, some argue that data does not belong in the blockchain and it violates the social contract of storing blocks for financial purposes. The alternative is to make other standard outputs unable to store data. There is a concern about discriminating against the content of the transaction and saying that some uses are not appropriate. The possibility of other types of transaction payloads is being explored, such as hashes of content external to bitcoin that people want to pay to have timestamped in the blockchain as provably unspendable outputs. The fear is that foreclosing on the possibility of other types of transaction payloads will limit the potential for a myriad of layered apps above.
Updated on: 2023-06-06T18:29:22.461244+00:00