BitcoinCash/CHIP-MilliSatoshi
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TomZ
2023-04-03 13:54:14 +02:00
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@@ -59,7 +59,7 @@ Except, naturally, in a decentralized system we need something a bit smarter. We
The simplest idea here is that we can use the transaction version. We can define that all transactions with version up until v2 have the current amount of 8 digits behind the separator. We then define that a transaction with version 3 will have all its values multiplied by 10. Which adds that extra zero behind the separator.
The effect of such an approach is what we want, a gradual changing of all of the value on-chain as people spend that money with v3 transactions. The only downside is that we can likely never drop support for the pre-v3 transaction=type.
The effect of such an approach is what we want, a gradual changing of all of the value on-chain as people spend that money with v3 transactions. The only downside is that we can likely never drop support for the pre-v3 transaction-type.
We can take a multi-year approach to make the roll-out happen smoothly because it is not just full nodes but all sending and receiving wallets that need to support this in order for it to work.
@@ -71,9 +71,7 @@ What we can do:
The point of this phase is to allow new wallets to build v3 transactions, but go back without loss to a v2 transaction if a receiver requests that.
3. Full nodes remove the restriction on usage of the new digits, we expect all wallets to support v3 by this point.
As pointed out, we can never move to stop supporting v2 transactions on full nodes as it is impossible to say if all stored money that may be used in future has been converted.
But giving wallets an extra year or two to move to the new transaction format while allowing them to be used on-chain is likely the best we can do.
As pointed out, we can never move to stop supporting v2 transactions on full nodes as it is impossible to say if all stored money that may be used in future has been converted. Wallets, on the other hand, benefit from the decentralized world. Some wallets may support older transaction types, some may not and users just pick and choose. A wallet can simply stop supporting older transactions when their users no longer spend any v2 transactions.
## Technical Specification