Shinobi, in a recent Bitcoin Magazine interview, sat with Andrew Poelstra of Blockstream and discussed his colleague Rusty Russell’s case. ambitious proposal. Rusty intends to restore some features that were abandoned in the Bitcoin code. This bold step could enhance Bitcoin scripts’ functionality and expressiveness.
The New Costing Model
A central element of the “Great Script Restoration” Proposal is to introduce a new model of costing for Opcodes. At the moment, Bitcoin costs all operations equally, no matter how complex they are. This model is not accurate in reflecting the actual cost to execute scripts, which can result in potential limitations and inefficiencies. Rusty’s costing model aims to correct this issue by assigning varying costs to different opcodes, based on computational requirements. This is a major departure from the current model, and more in line with other blockchain platforms such as Ethereum.
Andrew Poelstra outlined the benefits and challenges that this new model could bring. “The new costing model is very interesting and it’s kind of a departure from the way that Bitcoin works today,” He noted. He noted that the new model ensures scripts will be priced fairly according to how many resources they require, which could prevent spam attacks.
Challenges and consensus-building
The implementation of this plan does not come without challenges. The complexity in determining script execution times is a major issue. Ethereum has a limit on the amount of gas that can be used to process transactions. Poelstra recognized the similarities and stated, “I’m gonna say something kind of mean here and say this looks like gas, right?” He emphasized, however, that unlike Ethereum where running out gas costs you, Bitcoin does not lose money if a transaction fails.
For the Bitcoin community to progress, it is important that they reach consensus about this plan. Poelstra noted a notable shift in community attitudes toward script expressiveness over the last few months. The change in attitude is partially due to new uses cases emerging and the recognition that rigid approaches can hinder innovation. “There’s been a really interesting kind of mood shift in the Bitcoin developer community over the last, really like the last six months,” He noticed.
Bitcoin Ossification – How to Address it
The road to success involves several important steps. Developers must first write a proposal that includes reference implementations, test vectors, and other relevant information. The community will review and discuss this proposal to gain feedback and reach consensus. Poelstra stated that this is a very important process. “Initially the steps are pretty straightforward, right? You write up a proper proposal, you have a reference notation, you write test vectors, you get benchmarks.”
A significant part of the consensus-building process will involve addressing the debate around ossification—the idea that Bitcoin’s protocol should remain unchanged to preserve stability and security. Ossificationists are community members who believe Bitcoin shouldn’t be changed to prevent introducing vulnerabilities. They also want it to maintain its robustness. Poelstra acknowledges the concern, but believes that Rusty’s proposal is necessary to ensure Bitcoin’s growth and function.
It is a question of whether changes come with more risks or benefits. Poelstra noted that Bitcoin has already evolved, and pointed to the use of the network in unexpected ways, such as the introduction of ordinals. He stressed that failing to adapt can limit Bitcoin’s future potential, and that economic incentives will sort out the usage priorities.
“We need to talk to people who identify as ossificationists or who we might call ossificationists, right? People who don’t want Bitcoin to change. And I think we just got to argue passionately and correctly that this is something that would be good for Bitcoin,” Poelstra stated. According to him, by explaining clearly the benefits of increased script expressivity while addressing the concerns raised by the ossificationists a fair and balanced consensus could be reached.
Poelstra also highlighted the fact that, while changes come with some risks, they can bring about important improvements. For example, better scalability and enhanced security with vaults. Or, a more efficient way to use blockchain space, with coin pools. Bitcoin can be made more resilient and flexible by these enhancements.
It is important to note that the word “you” means “the”. next Steps include not only formalizing the idea and testing it thoroughly, but also engaging with the wider community in an open dialogue. In this dialogue, the community will have to find a balance between the core principles of Bitcoin and the needs for innovation and adaption. This is to ensure that the Bitcoin network remains viable and continues to meet users’ evolving requirements.
The conclusion of the article is:
Rusty Rusty’s proposal to make Bitcoin Script great again is an important step toward enhancing Bitcoin’s expressivity. Although there will be challenges, the benefits of innovation and increased functionality are significant. Proposals like these will help shape the Bitcoin network’s future as it continues to develop and adopt new ideas.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com