public inbox for bitcoindev@googlegroups.com
 help / color / mirror / Atom feed
From: Ruben Somsen <rsomsen@gmail.com>
To: yanmaani@cock.li
Cc: Bitcoin Protocol Discussion
	<bitcoin-dev@lists.linuxfoundation.org>,
	christopher.gilliard@gmail.com
Subject: Re: [bitcoin-dev] BIP - limiting OP_RETURN / HF
Date: Tue, 20 Apr 2021 21:07:00 +0200	[thread overview]
Message-ID: <CAPv7TjaLF-LeEvyfHXs6-4E2cqwDK6qvEQHzwyRy9SUpFA5G=g@mail.gmail.com> (raw)
In-Reply-To: <050674b8bc51cff11e0a6e105880b647@cock.li>

[-- Attachment #1: Type: text/plain, Size: 2360 bytes --]

Hi Yanmaani,

>Merged mining at present only needs one hash for a merkle root, and that's
stored in the coinbase.

Yes, but that method is not "blind", meaning BTC miners have to
validate the merged-mined chain, which is a significant downside.

>It would be even simpler to add the following rules

That would require a specific soft fork, whereas the method described in my
post avoids doing that.

>do I need to put in a transaction that burns bitcoins for the tx fee

The blind merged-mined chain (which I call a "spacechain") needs its own
native token in order to pay for fees. The mechanism I proposed for that is
the perpetual one-way peg, which allows fair "spacecoin" creation by
burning BTC, and circumvents creating bad speculative altcoin incentives.
Anyone can create a spacechain block and take the fees, and then try to get
BTC miners to include it by paying a higher fee than others (via RBF).

>That isn't free in terms of storage

It's not necessary for everyone to burn individually. My preferred design
is to only let BMM block creators burn BTC, then others will have to buy
spacecoins from them. This limits the potential burn outputs to one per
block (likely much less, because BTC will logically only get burned when
spacecoin demand increases). It's also possible to create more spacechains
inside the initial spacechain, at no additional storage cost to Bitcoin.

I highly recommend checking out the links in my prior post
<https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2021-April/018803.html>
if you wish to learn more, particularly the video
<https://youtu.be/N2ow4Q34Jeg>.

Cheers,
Ruben

On Tue, Apr 20, 2021 at 3:23 AM <yanmaani@cock.li> wrote:

> > If only one hash is allowed per block, then those who wish to utilize
> > the hash will have to out-bid each other ("fee-bidding"). This hash can
> > then be used to create another chain ("merged-mining")
>
> Merged mining at present only needs one hash for a merkle root, and
> that's stored in the coinbase. It would be even simpler to add the
> following rules:
>
> 1) No OP_RETURN transactions allowed at all
> 2) If you want to commit data, do so in that one transaction in the
> coinbase
>
> Also curious about how you'd handle the payment - do I need to put in a
> transaction that burns bitcoins for the tx fee? That isn't free in terms
> of storage either.
>

[-- Attachment #2: Type: text/html, Size: 3077 bytes --]

  parent reply	other threads:[~2021-04-20 19:07 UTC|newest]

Thread overview: 25+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2021-04-16  7:45 [bitcoin-dev] BIP - limiting OP_RETURN / HF Christopher Gilliard
2021-04-16 13:56 ` Russell O'Connor
2021-04-16 15:34   ` Christopher Gilliard
2021-04-16 15:55     ` Andrew Poelstra
2021-04-16 23:52     ` ZmnSCPxj
2021-04-17  3:57       ` Christopher Gilliard
2021-04-17 15:50         ` Peter Todd
2021-04-17 16:57           ` Christopher Gilliard
2021-04-16 13:59 ` Clark Moody
2021-04-16 15:33   ` Christopher Gilliard
2021-04-16 16:32 ` Jeremy
2021-04-16 17:05   ` Christopher Gilliard
2021-04-16 18:00     ` Jeremy
2021-04-16 19:15 ` Kostas Karasavvas
2021-04-16 20:12   ` Christopher Gilliard
2021-04-17  7:41     ` Kostas Karasavvas
2021-04-16 20:30   ` Ruben Somsen
2021-04-16 21:09     ` Christopher Gilliard
2021-04-20  1:23     ` yanmaani
2021-04-20  8:45       ` Zach Greenwood
2021-04-20 17:12         ` Christopher Gilliard
2021-04-20 19:07       ` Ruben Somsen [this message]
2021-05-03  5:17         ` ZmnSCPxj
2021-05-04 12:51           ` Ruben Somsen
2021-04-20  1:22 ` yanmaani

Reply instructions:

You may reply publicly to this message via plain-text email
using any one of the following methods:

* Save the following mbox file, import it into your mail client,
  and reply-to-all from there: mbox

  Avoid top-posting and favor interleaved quoting:
  https://en.wikipedia.org/wiki/Posting_style#Interleaved_style

* Reply using the --to, --cc, and --in-reply-to
  switches of git-send-email(1):

  git send-email \
    --in-reply-to='CAPv7TjaLF-LeEvyfHXs6-4E2cqwDK6qvEQHzwyRy9SUpFA5G=g@mail.gmail.com' \
    --to=rsomsen@gmail.com \
    --cc=bitcoin-dev@lists.linuxfoundation.org \
    --cc=christopher.gilliard@gmail.com \
    --cc=yanmaani@cock.li \
    /path/to/YOUR_REPLY

  https://kernel.org/pub/software/scm/git/docs/git-send-email.html

* If your mail client supports setting the In-Reply-To header
  via mailto: links, try the mailto: link
Be sure your reply has a Subject: header at the top and a blank line before the message body.
This is a public inbox, see mirroring instructions
for how to clone and mirror all data and code used for this inbox