Author: Zac Greenwood 2023-03-30 10:39:40
Published on: 2023-03-30T10:39:40+00:00
The email exchange between alicexbt and Zac Greenwood centers on the topic of whether Bitcoin should add functionality to support private businesses that rely on on-chain storage for their business model. Zac argues that such models must be made less feasible as they tend to contribute little fees while depriving public use of cheap transactions and exerting upward pressure on fee levels, thus making transacting more expensive for everyone else. He also believes that there is no value in having businesses spam the blockchain with images or other content. Alicexbt, on the other hand, argues that such businesses have achieved a lot, including paying 150 BTC in fees, attracting new users and developers, exploring taproot and multisig, and even fair, non-custodial, on-chain auction of ordinals that are MEV resistant. Alicexbt believes that Bitcoin needs to accommodate different visions of what money means for people in the world if it wants to avoid becoming like Linux, used by only 1% of the world. The email exchange includes technical details proposed by Anthony Towns regarding four opcodes that could enable a fair, non-custodial, on-chain auction of ordinals. The script involves creating a utxo on-chain containing the ordinal in question that commits to the address of the current leading bidder and can be spent in two ways: updating to a new bidder if the bid is raised by at least K satoshis, or if there have been no new bids for a day, the current high bidder wins, and the ordinal is moved to their address.The email discusses a potential auction mechanism for Bitcoin bids using taproot key paths. The script size is estimated to be around 211 witness bytes with an additional 40 bytes for X'/V'. A bid transaction would consist of a tx header, two inputs, and two outputs, with a total size of about 257vb. This approach is resistant to MEV and scalpers due to the fees being paid only if the bid succeeds.However, this auction mechanism may not be easily extensible to Taro or RGB style assets. The email also mentions various limitations of the mechanism and suggests that these limitations can be overcome through clever scripting. The email includes several links to relevant sources, including the BIP-0345 proposal, a tweet by James O'Beirne, and documentation on tapscript opcodes.
Updated on: 2023-06-16T15:39:40.488244+00:00