From: Stephen Pair <stephen@bitpay•com>
To: Peter Todd <pete@petertodd•org>
Cc: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Blocking uneconomical UTXO creation
Date: Wed, 13 Mar 2013 01:31:18 -0400 [thread overview]
Message-ID: <CADb9v0JMy8_rWfU3j-g74cbh_1wAdCa5Ce+PkzGadbZL+OV4VQ@mail.gmail.com> (raw)
In-Reply-To: <20130312074945.GB25250@savin>
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Instead of thinking in terms of blocking uneconomical transactions (how
would a node even determine what's economical?), what about thinking in
terms of paying for a feed of economical (i.e. profitable) transactions?
There is a market for fee bearing, profitable transactions...if there is no
one willing to pay to receive a transaction, then no one will bother
propagating it. Such a system would make it possible to determine the
probability of confirmation in a given timeframe for a given fee.
On Tue, Mar 12, 2013 at 3:49 AM, Peter Todd <pete@petertodd•org> wrote:
> On Sat, Mar 09, 2013 at 11:31:55PM -0500, Peter Todd wrote:
> > As discussed endlessly data in the UTXO set is more costly, especially
> > in the long run, than transaction data itself. The fee system is per KB
> > in a block, and thus doesn't properly capture the long-term costs of
> > UTXO creation.
>
> There's been a lot of discussion about this issue, and many people have
> asked that Bitcoin not arbitrarily block interesting potential uses of
> provably unspendable txouts for data applications, and similarly
> spendable txouts representing assets. I've changed my hardline position
> and now think we should support all that stuff. However, there is one
> remaining class of txout not yet talked about, unspendable but not
> provably so txouts. For instance we could make the following a standard
> transaction type:
>
> scriptPubKey: OP_HASH160 <20 byte digest> OP_EQUALVERIFY <data>
> scriptSig: <data>
>
> Of course, usually the 20 byte digest would be picked randomly, but it
> might not be, and thus all validating nodes will always have a copy of
> the data. With the 10KB limit on script sizes you can fit 9974 bytes of
> data per transaction output with very little waste.
>
> A good application is timestamping, with the advantage over
> coinbase/merkle tree systems in that you don't have to wait until your
> timestamp confirms, or even store the timestamp at all. Another
> application, quite possible with large block sizes and hence cheap or
> free transactions, is secure data backups. In particular such a service,
> perhaps called Google Chain Storage, can offer the unique guarantee that
> you can know you're data is secure by simply performing a successful
> Bitcoin transaction.
>
> --
> 'peter'[:-1]@petertodd.org
>
>
> ------------------------------------------------------------------------------
> Symantec Endpoint Protection 12 positioned as A LEADER in The Forrester
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> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development@lists•sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
>
--
Stephen Pair, Co-Founder, CTO
Does *your* website accept cash? bitpay.com
[image: bitpay-small]
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next prev parent reply other threads:[~2013-03-13 5:47 UTC|newest]
Thread overview: 23+ messages / expand[flat|nested] mbox.gz Atom feed top
2013-03-10 4:31 Peter Todd
2013-03-11 11:01 ` Jorge Timón
2013-03-11 15:36 ` Gavin Andresen
2013-03-11 16:45 ` Jorge Timón
2013-03-11 16:46 ` Jorge Timón
2013-03-11 16:54 ` Mike Hearn
2013-03-11 17:08 ` Jorge Timón
2013-03-11 18:17 ` Benjamin Lindner
2013-03-11 18:59 ` Mark Friedenbach
2013-03-11 18:59 ` Jorge Timón
2013-03-11 19:08 ` Tadas Varanavičius
2013-03-11 22:19 ` Mike Hearn
2013-03-11 22:25 ` Tadas Varanavičius
2013-03-11 22:39 ` Mike Hearn
2013-03-11 23:26 ` Tadas Varanavičius
2013-03-11 17:18 ` Jeff Garzik
2013-03-11 20:08 ` Rune Kjær Svendsen
2013-03-11 20:36 ` Michael Gronager
2013-03-11 21:01 ` Gregory Maxwell
2013-03-11 21:15 ` Michael Gronager
2013-03-12 7:49 ` Peter Todd
2013-03-13 5:31 ` Stephen Pair [this message]
2013-03-13 9:20 ` Jorge Timón
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