Author: Sergio Demian Lerner 2016-10-02 22:57:31
Published on: 2016-10-02T22:57:31+00:00
OP_COUNT_ACKS is a Bitcoin feature that has the potential to enable users to pay for any service miners can provide as a group for the common good. This could include fee payment smoothing over many blocks or even jointly buying better internet services to reduce latency between them. Users can send Bitcoins to a script containing OP_COUNT_ACKS which requires 51% of miner's approval and add a special text tag such as "FOR-MINERS-TO-BUY-X" to such outputs. If accepted, a transaction will be created to redeem those funds. This system could help address the tragedy of the commons problem that Bitcoin may face in the long term by crowdfunding mining of the following n blocks.
Updated on: 2023-06-11T20:19:00.460597+00:00