Author: alicexbt 2023-03-29 19:57:08
Published on: 2023-03-29T19:57:08+00:00
In an email exchange on the bitcoin-dev mailing list, one person expressed concern about "parasitical" use cases of the blockchain and suggested making such business models less feasible. However, another individual shared a detailed explanation of how certain proposed opcodes could facilitate a fair, non-custodial, on-chain auction of ordinals that is resistant to MEV (miner extractable value) exploitation.This approach involves creating a UTXO on the chain that commits to the address of the current leading bidder and can be spent in two ways: by updating the bid to a new bidder if raised by a certain amount or by awarding it to the current high bidder if there have been no new bids for a day. The email includes a script for implementing this approach using available opcodes, which the author notes is MEV-resistant and scalable to larger auctions.The author also highlighted several other positive developments in the Bitcoin community, including increased adoption among users and developers, exploration of technologies like PSBT, taproot, and multisig, and investors exploring funding projects. Finally, the author emphasized the importance of respecting diverse perspectives and goals within the Bitcoin community to prevent it from becoming a niche technology used only by a small percentage of the world.In addition to discussing the auction approach, the email thread also touches on the extensibility of assets to taro or RGB style. The author suggests that building up merkle trees and doing point tweaks beyond what is supported by OP_FORWARD_LEAF_UPDATE/OP_VAULT might be necessary to ensure asset transfer. However, without something like OP_PUSHCURRENTINPUTINDEX, it may not be possible to do it for ordinals either.The author provides links to various resources, including a BIP on Pay-to-contract, an article about Yuga’s auction model for Bitcoin NFTs, and a document outlining tapscript opcodes. The author also warns against setting K too low, as it may invite griefing by bidders who can use RBF pinning vectors to prevent higher bids from being confirmed on-chain. However, the author notes that inscriptions remain a wasteful way of publishing/committing to content.
Updated on: 2023-06-16T15:37:44.854702+00:00