Author: Pieter Wuille 2021-09-30 22:07:08
Published on: 2021-09-30T22:07:08+00:00
In a Bitcoin-dev thread, Pieter Wuille made some comments on David Harding's presentation. The discussion started with the UTXO set size which is an externality that Bitcoin's consensus rules fail to account for. Pieter agreed that having a relay policy that avoids economically irrational behavior would be perfect and allowing 0-value or 1-sat outputs would minimize the cost of polluting the UTXO set during low feerates. However, it is not obvious how consensus rules could deal with this as introducing bad incentives while designing like transactions getting a size/weight bonus/penalty is hardforky.Pieter disagreed with the idea of colored coin protocols on the Bitcoin chain since they compete with using Bitcoin for BTC. He believes that colored coin protocols have no business being on the Bitcoin chain because there is little benefit for tokens with a trusted issuer already. He voiced hesitancy to worsening the system's scalability properties only to benefit misguided use.Lastly, the conversation touched on confidential transactions, and Pieter suggested that range proofs have a non-hidden range; the lower bound can be nonzero, which could be required as part of a relay policy.
Updated on: 2023-05-21T03:26:23.342230+00:00