A major update to Bitcoin scripting
Rusty Russell of Blockstream has proposed a significant update to Bitcoin scripting, restoring several abandoned features and introducing a new cost model for opcodes. This model would assign different costs to different opcodes based on their computational intensity - a departure from the current model where all operations cost the same. This change aims to reflect the true cost of script execution, promote fairer pricing, and prevent potential problems such as spam attacks.
Andrew Poelstra for discussion
Andrew Poelstra highlighted that while this model is similar to the "gas" system used in Ethereum, a key difference in Bitcoin is that a failed transaction does not result in a financial loss for the user. He also observed a recent shift in the developer community's attitude toward increasing the expressiveness of scripts, driven by emerging use cases that demonstrate the limits of a restrictive approach.
Implementation and discussion
Implementing this proposal involves drafting a detailed proposal, creating reference implementations, and conducting community discussions to build consensus. This process will address concerns from those who favor minimal changes to the Bitcoin protocol (ossificationists) to preserve stability and security. Poelstra emphasized the need to balance these concerns with the potential benefits of the proposal, such as improved scalability, improved security mechanisms such as vaults, and more efficient blockchain space management through features such as coin pools.
Success of the proposal
The success of the proposal depends heavily on thorough testing and a dedicated community dialogue to ensure that Bitcoin continues to be developed without compromising its core principles. Rusty's plan aims to significantly increase the functionality and future adaptability of Bitcoin scripts, encouraging innovation while respecting community consensus and protective sentiment regarding Bitcoin's fundamental stability.
The Bitcoin miner for your desk
