• Market Cap: $1,086,274,412,038.43
  • 24h Vol: $81,148,267,127.27
  • BTC Dominance: 45.81%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Is Adding Functionality To Bitcoin A Problem?

Jon Hartney by Jon Hartney
July 19, 2022
in Bitcoin, Blockchain, Business, Market
0
Is Adding Functionality To Bitcoin A Problem?
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Adding operation codes to Bitcoin can increase the types of functions users are able to perform, but choosing their size limits has been a topic of debate.

Related articles

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

June 10, 2023

Watch The Episode On YouTube or Rumble

Listen To This Episode Here:

  • Apple
  • Spotify
  • Google
  • Libsyn

In this episode of “Bitcoin, Explained,” hosts Aaron van Wirdum and Sjors Provoost discuss OP_RETURN and what some have called the “OP_RETURN Wars.” More specifically, they discuss a blog post by BitMEX Research titled “The OP_Return Wars of 2014 – Dapps Vs Bitcoin Transactions.”

Van Wirdum and Provoost start off by explaining that OP_RETURN is an operation code (a piece of code for Bitcoin transactions) that will render invalid any transaction that includes it in an input. This means that outputs that include OP_RETURN are unspendable, which in turn means that Bitcoin nodes can safely remove such UTXOs from their UTXO set, which saves on storage.

Early in Bitcoin’s years, people started using bitcoin for more than just transactions. As one example given by Provoost demonstrates, someone uploaded the entire Bitcoin white paper onto the blockchain. The BitMEX post explains that Layer 2 protocols, like Counterparty, were rolling out decentralized applications on the blockchain. This type of non-transaction data was initially embedded in multisig transactions, but this meant that all Bitcoin nodes had to download, process and store this data forever, which comes at a cost.

Van Wirdum and Provoost explain that in 2014, Bitcoin developers agreed to let nodes process and forward transactions with OP_RETURN outputs to mitigate this problem. These transactions would be better for uploading data, since their outputs can be removed from the UTXO set.

The “OP_RETURN Wars” refer to a debate between Bitcoin developers and (most notably) Counterparty developers over the maximum size of such transactions. Provoost explains why the maximum of 40 bytes was initially chosen, why this was later increased to 80 bytes and how these considerations have changed over time.

Read Entire Article
Tags: bitcoinMagzineCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

by Jon Hartney
June 10, 2023
0

The Act aims to enhance fiscal transparency, boost revenue and recognize cryptocurrencies as legitimate assets

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

by Jon Hartney
June 10, 2023
0

The CFTC highlighted that “critically, in a precedent-setting decision” the Ooki DAO was held in court as

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

by Jon Hartney
June 10, 2023
0

The group of scammers have recently taken over accounts belonging to the founder of Pudgy Penguins, the CTO of OpenAI

SEC charges against Binance and Coinbase are terrible for DeFi

SEC charges against Binance and Coinbase are terrible for DeFi

by Jon Hartney
June 10, 2023
0

The SEC’s charges against Binance and Coinbase could have far-reaching consequences for decentralized finance

Robinhood will end support for 3 tokens named in SEC lawsuits

Robinhood will end support for 3 tokens named in SEC lawsuits

by Jon Hartney
June 9, 2023
0

The company cited the SEC’s actions against Coinbase and Binance as reasons for the delisting, saying the lawsuits

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

June 10, 2023
Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

June 10, 2023
SEC charges against Binance and Coinbase are terrible for DeFi

SEC charges against Binance and Coinbase are terrible for DeFi

June 10, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Nigeria to tax crypto, digital assets 10% on capital gains: Experts react June 10, 2023
  • Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC June 10, 2023
  • Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts June 10, 2023
  • SEC charges against Binance and Coinbase are terrible for DeFi June 10, 2023
  • Robinhood will end support for 3 tokens named in SEC lawsuits June 9, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$25,700.00-3.53%
  • ethereumEthereum(ETH)$1,744.02-5.42%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.12%
  • binancecoinBNB(BNB)$237.73-8.69%
  • usd-coinUSD Coin(USDC)$1.000.11%
  • rippleXRP(XRP)$0.496348-6.08%
  • staked-etherLido Staked Ether(STETH)$1,742.85-5.41%
  • cardanoCardano(ADA)$0.240373-23.89%
  • dogecoinDogecoin(DOGE)$0.059814-12.14%
  • tronTRON(TRX)$0.068530-11.97%
  • solanaSolana(SOL)$14.67-23.34%
  • litecoinLitecoin(LTC)$77.15-12.64%
  • polkadotPolkadot(DOT)$4.46-11.13%
  • matic-networkPolygon(MATIC)$0.58-26.20%
  • binance-usdBinance USD(BUSD)$1.000.08%
  • daiDai(DAI)$1.000.13%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$25,706.00-3.56%
  • avalanche-2Avalanche(AVAX)$11.46-17.80%
  • shiba-inuShiba Inu(SHIB)$0.000006-18.64%
  • leo-tokenLEO Token(LEO)$3.52-0.65%
  • uniswapUniswap(UNI)$3.96-14.13%
  • chainlinkChainlink(LINK)$5.01-16.44%
  • okbOKB(OKB)$41.61-7.57%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • moneroMonero(XMR)$136.15-4.74%
  • cosmosCosmos Hub(ATOM)$7.80-16.65%
  • stellarStellar(XLM)$0.081339-6.58%
  • ToncoinToncoin(TON)$1.47-12.39%
  • ethereum-classicEthereum Classic(ETC)$14.50-14.97%
  • true-usdTrueUSD(TUSD)$1.000.02%
  • bitcoin-cashBitcoin Cash(BCH)$100.68-9.33%
  • internet-computerInternet Computer(ICP)$3.79-10.11%
  • lido-daoLido DAO(LDO)$1.83-17.89%
  • quant-networkQuant(QNT)$102.95-6.27%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • filecoinFilecoin(FIL)$3.36-17.98%
  • hedera-hashgraphHedera(HBAR)$0.043762-10.77%
  • crypto-com-chainCronos(CRO)$0.051407-12.12%
  • ArbitrumArbitrum(ARB)$1.02-10.62%
  • AptosAptos(APT)$5.97-22.64%
  • nearNEAR Protocol(NEAR)$1.22-14.18%
  • vechainVeChain(VET)$0.014878-14.24%
  • paxos-standardPax Dollar(USDP)$1.000.07%
  • fraxFrax(FRAX)$1.000.15%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • BSCEXBSCEX(BSCX)$238.3267.45%
  • the-graphThe Graph(GRT)$0.095840-14.68%
  • apecoinApeCoin(APE)$2.33-19.81%
  • rocket-poolRocket Pool(RPL)$44.00-7.27%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,873.50-5.47%
  • algorandAlgorand(ALGO)$0.107171-14.20%
  • elrond-erd-2MultiversX(EGLD)$30.03-13.83%
  • render-tokenRender(RNDR)$2.07-10.62%
  • aaveAave(AAVE)$52.73-12.09%
  • eosEOS(EOS)$0.68-24.15%
  • usddUSDD(USDD)$1.00-0.04%
  • optimismOptimism(OP)$1.09-21.31%
  • the-sandboxThe Sandbox(SAND)$0.378329-21.83%
  • blockstackStacks(STX)$0.50-20.96%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.72-1.85%
  • Bitget TokenBitget Token(BGB)$0.479714-2.13%
  • tezosTezos(XTZ)$0.72-14.53%
  • fantomFantom(FTM)$0.238284-19.21%
  • BitDAOBitDAO(BIT)$0.440484-8.09%
  • theta-tokenTheta Network(THETA)$0.64-16.31%
  • radixRadix(XRD)$0.061935-7.96%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • decentralandDecentraland(MANA)$0.336535-20.07%
  • kucoin-sharesKuCoin(KCS)$6.32-6.18%
  • immutable-xImmutableX(IMX)$0.61-17.10%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.04%
  • axie-infinityAxie Infinity(AXS)$4.92-20.96%
  • havvenSynthetix Network(SNX)$1.78-13.80%
  • curve-dao-tokenCurve DAO(CRV)$0.64-15.34%
  • makerMaker(MKR)$588.29-6.19%
  • neoNEO(NEO)$7.47-18.48%
  • flowFlow(FLOW)$0.51-19.36%
  • gatechain-tokenGate(GT)$3.71-9.84%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • terra-lunaTerra Luna Classic(LUNC)$0.000087-11.27%
  • bittorrentBitTorrent(BTT)$0.000001-0.58%
  • galaGALA(GALA)$0.020610-20.40%
  • pax-goldPAX Gold(PAXG)$1,911.57-1.12%
  • tether-goldTether Gold(XAUT)$1,966.490.24%
  • xdce-crowd-saleXDC Network(XDC)$0.034641-2.93%
  • injective-protocolInjective(INJ)$5.99-14.75%
  • bitcoin-cash-svBitcoin SV(BSV)$24.82-17.77%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • casper-networkCasper Network(CSPR)$0.041290-5.91%
  • Tokenize XchangeTokenize Xchange(TKX)$5.73-7.01%
  • compound-ethercETH(CETH)$34.93-5.74%
  • klay-tokenKlaytn(KLAY)$0.146699-11.04%
  • Halo CoinHalo Coin(HALO)$0.057345-0.05%
  • kavaKava(KAVA)$0.79-17.09%
  • huobi-tokenHuobi(HT)$2.64-7.63%
  • iotaIOTA(MIOTA)$0.153399-14.25%
  • gmxGMX(GMX)$45.26-12.45%
  • PepePepe(PEPE)$0.000001-18.83%
  • compound-usd-coincUSDC(CUSDC)$0.0228830.08%