Published on: 2021-06-13T22:12:21+00:00
Bitcoin developer BT has proposed a new opcode called OP_BEFOREBLOCKVERIFY (OP_BBV) that would enable switch-off transactions. This opcode would make a transaction invalid if the current block is greater than or equal to a specified block height. The purpose of this functionality is to handle expiring payments or reversible payments that require multiple transactions, but can be simplified into one transaction with OP_BBV.BT mentioned that this opcode could have applications in creating more efficient wallet vaults. However, he also acknowledged concerns about opcodes that could invalidate valid transactions. Specifically, he highlighted two potential issues: 1) the possibility of malicious actors spamming the mempool with transactions containing the opcode, and 2) the risk of "bad" reorg behavior.Regarding the first concern, BT believes that it is solvable. He suggests that software can be designed to warn users to wait for six confirmations in scenarios where a six-block reorg could reverse the transaction. By implementing this safeguard, the risk of invalidating valid transactions due to spamming can be mitigated.As for the second concern, BT argues that it is not a significant problem. He points out that users should generally wait for six confirmations before considering a transaction as final. This waiting period reduces the likelihood of encountering reorg-related issues.In order to address these tradeoffs and risks associated with OP_BBV, BT has written a document outlining the proposal in detail. He has also provided a bip (Bitcoin Improvement Proposal) for OP_BBV. In his document, BT advises against discussing the specifics of the vault application in the thread related to OP_BBV, suggesting that the focus should be on the opcode itself.BT is now seeking feedback from the Bitcoin community regarding his proposal. This feedback will help in refining the design and addressing any potential concerns.
Updated on: 2023-08-02T04:00:32.128279+00:00