Published on: 2016-10-03T06:17:25+00:00
In October 2016, Sergio Demian Lerner proposed a use case for OP_COUNT_ACKS in Bitcoin. This feature would allow users to pay miners for various services that they can provide as a group for the common good. These services could range from smoothing fee payments over multiple blocks to jointly purchasing better internet service in order to improve bandwidth and reduce latency between miners.To utilize this feature, users can send bitcoins to a script that contains OP_COUNT_ACKS. The script requires 51% of miners' approval for the transaction. Additionally, users can add a special text tag, such as "FOR-MINERS-TO-BUY-X", to these outputs. By doing so, users can effectively send bitcoins to miners and request the majority of them to vote on the proposal. If the proposal is accepted, a transaction will be created to redeem the funds.The implementation of OP_COUNT_ACKS and its associated crowdfunding system could potentially address the tragedy of the commons problem that Bitcoin may face in the long term. It allows users to collectively crowdfund the mining of the following n blocks, ensuring the sustainable growth and operation of the Bitcoin network. With this system, users have the ability to financially support miners and incentivize their participation in providing valuable services for the Bitcoin community.Overall, OP_COUNT_ACKS presents an innovative solution for users to pay for services provided by miners for the common good. By utilizing this feature, Bitcoin users can contribute to the long-term sustainability and development of the Bitcoin network.
Updated on: 2023-08-01T19:08:20.555512+00:00