Bitcoin’s
$107,415.42
next software update is set to bring a major change to how data can be added to its blockchain.
Scheduled for release on October 30, Bitcoin Core 30 will lift the old 80-byte limit on the OP_RETURN function, and replace it with a cap of 4 megabytes per output.
This will enable users to include more content, such as full documents, text, and images, directly in Bitcoin transactions. Developer Gloria Zhao confirmed the change in a GitHub post on June 9.
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Zhao explained that the role of developers is not to decide what kinds of transactions are acceptable. Instead, she said it is up to users to decide how they want to use the blockchain.
Additionally, the lead author of the proposal, Peter Todd, views this as a means to unlock new applications for Bitcoin beyond payments.
Developers had already hinted back in May that this update was coming. OP_RETURN gained recognition when it was utilized to embed items such as non-fungible token (NFT) style images.
However, the expanded data limit has caused disagreement within the community. Some longtime supporters argue that this kind of update contradicts what Bitcoin was intended to be: a simple, secure tool for sending money.
Dennis Porter, CEO of the Satoshi Action Fund, stated that he had helped raise over $200,000 to support the work of Bitcoin Core developers, but now feels let down and will not be donating again.
Meanwhile, on May 18, Saifedean Ammous, author of The Bitcoin Standard, shared his thoughts on how to address spam on the Bitcoin network. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
