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Segregated witness and deploying it for Bitcoin
Transcript of Segregated witness and deploying it for Bitcoin
Scaling Bitcoin, Hong Kong, 7 december 2015
All equally needed?
Signatures are only for fully validating nodes
Do not ever enter the UTXO set, so no long-term resource costs.
60% of the blockchain
For now, just refers to the scriptSig in inputs
Segregated Witness is about ignoring them where possible
Not part of a transaction's effect, only proving it
Multiple possible, but we just care that one exists.
Such an example is called a witness.
Assume we can redesign Bitcoin from scratch?
Signatures are part of the hash
= Witness data
Merkle tree of txn and witness
Drop signatures from relay
Prune old signatures
Solves all unintentional malleability
This seemed hard
Soft fork scaling
What old nodes see
Instead of pushing the redeem script directly, add a version byte
An unknown version byte is treated as anyone can spend
All future Script changes become soft forks!
No longer restricted to redefining OP_NOP opcodes
We can immediately use that mechanism to allow pushing the hash of the redeem script instead
Currently, Bitcoin only has two security models:
* Full validation
* Header validation ("SPV")
The Bitcoin whitepaper suggested using fraud proofs
Bitcoin currently has no way to compactly prove subsidy fraud or spending non-existing output
* Add input value and UTXO creation location to witness
Implement segregated witness now:
* Discount witness data by 75% for block size
* Or: block limit to 4 MB, but only for witness (soft fork!)
* Disincentivizes UTXO impact
* Fixes malleability
* Enables far simpler script upgrades
* Enables fraud proofs
* Allows pruning witness data for historical data
* Reduces bandwidth for light nodes and historical sync
* P2SH compatible for old senders
* Give time for IBLT and weak blocks to develop
Intend for a hard fork change near future:
* Switch to a cost-based metric
* Limited time cost growth
* Give time for higher level payment systems to develop
* Finish prototype implementation
* Write BIP
Thanks to: Gregory Maxwell, Eric Lombrozo, Luke Dashjr