Sep 28, · OP_RETURNand its byte limit represent a compromise between two opposing visions of Bitcoin’s future. One camp sees the block chain as a secure, decentralized data store on which numerous financial and social applications can be built. Promoting the growth of these new applications helps ensure Bitcoin’s long-term relevance. OP_RETURNis a scriptopcode used to terminate the script and return the top value on the stack. This opcode is analogous to the return function in programming languages. The OP_RETURN opcode has seen its functionality modified several times in its historyin Bitcoin and as a result, has been primarily used as a means of storing data on the ledger. The Op_return Bitcoin blockchain is a public ledger that records bitcoin transactions. It is implemented dominion a chain of blocks, for each one block containing group A hash of the early unstuff up to the book block of the chain. A network of human action nodes functional bitcoin software maintains the blockchain– Transactions of the.
Op_return bitcoinOP RETURN - BitcoinWiki
Bitcoin Stack Exchange is a question and answer site for Bitcoin crypto-currency enthusiasts. It only takes a minute to sign up. Back in different players in the bitcoin ecosystem were trying to include bits of information into transactions so that they could take advantage of the irreversibility of the blockchain. Imagine for instance you wanted to write a contract and place it in an unchangeable location that at any future date one could go back to verify it existed.
You can do this by using the blockchain. There were even stranger ways people would add extra bits, like including it in the BTC value of an output.
Some members of the community did not like this, as they saw these extra bits as polluting the blockchain. A good explanation of this can be found here:. Later in February , the bytes count was reduced from 80 to 40 bytes. This change is documented in the link below.
I used chain. This first byte it followed by a byte which represents the length of the rest of the bytes in the scriptPubKey. In this case we see the hex value Ox13, which means there are 19 more bytes. That content can then be retrieved from the blockchain using a single identifier. Assuming you're using Bitcoin Core 0. BitX would have required sweeping changes to the Bitcoin protocol. Over time, interest in this part of the proposal faded. Later, the basic idea would resurface as a centerpiece of Ethereum and other projects.
BitDNS received more immediate attention. A detailed plan to implement it, still available here , called for tight integration of a decentralized domain name service with the Bitcoin block chain. Domain records would be encoded within ordinary Bitcoin transactions. Opponents of this plan rejected idea of cluttering the block chain with data that only a few users cared about.
Satoshi himself even weighed in on the subject :. Bitcoin and BitDNS can be used separately. BitDNS users may not want to download everything the next several unrelated networks decide to pile in either. He even offered the first proposal for merged mining as way to secure the new block chain. Although it would take some time for this idea to be implemented, BitDNS eventually evolved into Namecoin, the first altcoin.
Since BitDNS, several schemes for layering new functionality onto the Bitcoin block chain have been proposed. A few were even implemented. However, all of these systems faced the same barrier: transactions lacked a standard method for carrying a data payload.
Transactions are far more flexible, and complex, than they might appear on the surface. Within each transaction lies a small program, or script, written in a custom language. More precisely, a transaction supplies one part of a two-part script.
A payment defines a challenge script that places conditions on how a coin can be redeemed. The transaction redeeming the payment provides a response script that satisfies the conditions imposed by the challenge script.
Full nodes e. It is node operators who decide which transactions they will accept into the blocks they append to the block chain, and as such anyone seeking to use the ledger as a data storage medium, must meet the market in terms of the price they pay. Over time it is expected that the cost of ledger space will fall, not just in terms of the price in satoshis , but in dollar terms as well.
The ledger scales with technology and commensurate falls in price that comes with the unlocking of new and lower cost storage media, which will translate to larger swathes of ledger space becoming available for less fees. View View source Personal tools Log in. Page Contents.