Bitcoin Core v30 Update: OP_RETURN Changes Could Transform Blockchain Transactions
The second test version of Bitcoin Core’s contentious v30 update has been made public by developers. This update will allow for the addition of non-monetary data in October, as well as a new wallet format. In addition to introducing a new, streamlined command system, the upgrade phases out the previous, outdated wallet architecture. Nonetheless, the policy changes pertaining to the OP_RETURN opcode are the primary causes of disagreement. This enables transactions to contain arbitrary data. The default cap of 80 bytes is eliminated by expanding the data limits. Effectively limitless data is possible with it, with each transaction output possibly containing up to 4 gigabytes.
The OP_RETURN Debate: Bitcoin’s Next Big Upgrade Divides the Crypto Community
The network should only be used for financial transactions, not data storage, according to Bitcoin purists. They contend that the blockchain becomes permanently bloated when OP_RETURN is used extensively. This is because each Bitcoin node has to store the data, which raises expenses. On the other hand, Bitcoin maximalists contend that users ought to have access to block space if they pay fees. Nevertheless, market forces will inevitably impose taxes to curb malicious use.
The update, which is anticipated to be released in late October, is supported by Bitcoin Core. However, because of continuous testing and contentious discussions among developers, the precise date is still subject to change.
Nick Szabo Sounds Alarm on Bitcoin Update: “This Will Make Problems Worse”
After an absence of over five years, Bitcoin pioneer Nick Szabo made a triumphant return to X on Sunday to contribute to the discussion. He said that the miners are protected by the network fees, which the developer “calle” referred to as the spam filter. They do not, however, offer sufficient disincentives to safeguard the entire nodes.
This has always been a problem, of course. But increasing the OP_RETURN allowance will likely make this problem worse. It will also increase legal risks. It’s an open legal issue almost everywhere,
Szabo
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