Author: ZmnSCPxj 2017-09-25 23:34:32
Published on: 2017-09-25T23:34:32+00:00
Patrick Sharp, a recent computer science graduate, proposed the implementation of trimming and demurrage in Bitcoin. However, ZmnSCPxj responded by stating that demurrage is impossible due to the already implemented OP_CHECKLOCKTIMEVERIFY opcode in Bitcoin. This opcode requires that a certain block height or date has passed before the output can be spent, making it ideal for creating an "in trust for" address. ZmnSCPxj argues that if demurrage were to be implemented, it would conflict with OP_CHECKLOCKTIMEVERIFY and would require a hardfork to ignore it. Instead, ZmnSCPxj suggests implementing demurrage in a sidechain rather than on the mainchain. Patrick's proposal includes limiting the block chain length to either 2^18 blocks (slightly less than 5 years) or 2^19 blocks (slightly less than 10 years). He also proposes trimming old unspent transactions to keep the block chain from becoming unwieldy and centralized. While he acknowledges that his idea may face some friction, he believes it is in the best interest of both miners and users.
Updated on: 2023-06-12T19:04:22.876823+00:00