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55 lines
2.5 KiB
Plaintext
<pre>
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BIP: (no number)
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Title: Transaction Version 2 Specification (wildcard inputs)
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Author: Chris Priest <cp368202@ohiou.edu>
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Status: Draft
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Type: Standards Track
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Created: 2015-11-30
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</pre>
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==Abstract==
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This specification defines a new type of transaction that supplements (not replaces)
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version 1 transactions.
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==Motivation==
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Version 1 Bitcoin Transactions have one large inefficiency: When you want to spend
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from multiple inputs with the exact same scriptPubKey, you have to list each
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input separately, along with the same signature multiple times.
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This bloats the transaction size and makes it expensive to spend from small value inputs.
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Because small value inputs are expensive to send, they remain in the UTXO pool
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which full nodes have to keep around. It is believed that long term increase of the UTXO
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set can have negative scaling consequences on the network.
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If maximum blocksize is made to increase *slower* than the actual number of transactions bitcoin users are sending
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to the network, this problem is projected to get worse. In other words, as transaction
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fees increase, the minimum economical value of a spending a UTXO will increase.
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==Specification==
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A version 2 transaction is formulated the exact same way as a version 1 transaction
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with one exception: each input is treated as a "wildcard input".
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A wildcard input beings the value of all inputs with the exact same scriptPubKey
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in a block lower or equal to the block the wildcard input is confirmed into.
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== Changes needed to implement ==
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The bitcoin code needs to be modified in three places in order to handle Version 2 Transactions.
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1. **Full Node V2 validation** - When a full node receives a V2 transaction, it has to
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aggregate the value of all the UTXOs in the blockchain older than the input
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with the same scriptPubKey. If this value is greater than or equal to the
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amount of all outputs, then that V2 transaction is valid and can be propagated.
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2. **Full Node V1 validation** - When a V1 transaction comes in, the code needs to be modified
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to check if each inut has not been spent by a V2 transaction. If there exist any
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V2 transaction in the blockchain with the same scriptPubKey *after* that input,
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then the UTXO has been spent and the transaction is invalid.
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3. **Wallet** - The user facing wallet portion of the reference client should notify
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the user when their wallet contains many UTXOs that qualify it to benefit from
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a V2 transaction. Wallets should not simply replace V1 transactions with V2 transactions.
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