Author: Stephen Pair 2013-03-13 05:31:18
Published on: 2013-03-13T05:31:18+00:00
The cost of data in the UTXO set is more expensive than transaction data itself. The fee system is per KB in a block, which doesn't properly capture the long-term costs of UTXO creation. Peter Todd suggests that instead of thinking about blocking uneconomical transactions, we should pay for a feed of economical transactions to determine the probability of confirmation in a given timeframe for a given fee. Todd also discusses timestamping and secure data backups as potential uses of provably unspendable txouts for data applications. He proposes making a standard transaction type with an unspendable but not provably so txout for timestamping purposes. Secure data backups could be made possible with large block sizes and hence cheap or free transactions. In particular, such a service, perhaps called Google Chain Storage, can offer the unique guarantee that your data is secure by simply performing a successful Bitcoin transaction.
Updated on: 2023-06-06T10:33:27.569737+00:00