Looking for a needle in a haystack: This is what it might look like, looking for Bitcoin transactions relevant to the contract code you are running. But filtering techniques make it easier, and that’s the topic this week.”Bitcoin course with Satoshi”, featuring sCrypt founder Xiaohui Liu and Bitcoin creator Dr. Craig S. Wright.
Why would you need to filter specific transactions? As noted in previous weeks, automated contracts running on Bitcoin can use the results of other transactions as inputs for new ones (or hashes of the information they contain). You may also need to identify transactions of a certain type, or from a certain party, before you know what they contain.
Filtering is a very useful topic and something we hope to support in ElectrumSV and ElectrumSV SDK. I can’t wait to watch this. -rt12 https://t.co/0AmDLvq02V
– ElectrumSV (@ElectrumSV) September 13, 2021
remember that Bitcoin Operations are not always payments. These can be signals, data additions, triggers, or guarantees that an action has taken place. Dr Wright explains that in Internet communications, receivers can differentiate between TCP and UDP packets based on a message placed in their headers – it’s the same with Bitcoin. Parties can adopt a common model to structure their transactions, making it simpler to filter them among the millions of other transactions passing through the network every day.
It would be great if Bitcoin developers could adopt the technique of filtering information in transaction headers. Companies like sCrypt could have their own standards, or there could be common standards accepted for all.
But how do you get people to start doing this? And how can we stop them from abusing this technique, imitating other people’s transaction data to make something appear to be something it’s not? Bitcoin’s built-in economic incentives play a role here, and Dr. Wright highlights the importance of Bitcoin’s open, plain-text transaction records as a way for external parties to monitor blockchain records (and identify bad ones). actors).
Bitcoin “protects identity,” as it puts it, but still verifies the transaction information and thus guarantees the integrity of the data in any processed block.
“We have to remember that the average user never wants to see the back end of Bitcoin. They don’t care. “That’s why we need to simplify things like protocols and transaction models. As for getting people to adopt and use the standards, there are incentives for that as well. Dr. Wright is referring to router and networking companies in the early Internet era that spent a lot of time creating standards to make their systems interoperable.
From there, the conversation shifts more towards the need for common standards and protocols on Bitcoin. This would allow developers to create better features on Bitcoin. And, in addition to the point above about users not caring about the back end, we shouldn’t get bogged down (again) in arguments about which standards are best or who uses what. A bit of classic economic history from Craig Wright also returns here, with a reminder of why he doesn’t like the “Yap Stone” analogy for Bitcoin – and why the whole Yap Stone myth is bogus anyway.
This Bitcoin class is more of a call to action than an explainer, as many of the points Dr. Wright makes will seem like common sense once you hear them again. Through filtering, microservices, and automation, we can extract much more real value from the network than simply creating and trading unnecessary digital assets. However, there is a lot of groundwork that needs to be taken care of first.
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