Author: Nathan Cook 2019-05-23 19:05:02
Published on: 2019-05-23T19:05:02+00:00
A proposal has been put forward for a new transaction approach to hedge against risk in Bitcoin mining. Tamas Blummer suggested using nLocktime denominated in block height, where a new opcode called OP_DIFFICULTY would be added to the stack to provide information on the difficulty level of the block. The output script could compare this with a strike price that would allow it to be spent by a key holder, while the input would be a multi-sig escrow from those who entered the bet. This would eliminate counterparty risk and potentially replace third-party oracles. Meanwhile, Luke Dashjr proposed using OP_CHECKBLOCKATHEIGHT to achieve the same effect as nLocktime, with the addition of re-enabling certain opcodes like OP_AND and OP_LESSTHAN.
Updated on: 2023-06-13T19:05:32.942879+00:00