This specification defines a method of increasing bitcoin transaction throughput without altering any existing consensus rules.Softforks by definition tighten consensus rules
There has been great debate regarding other ways of increasing transaction throughput, with no proposed consensus-layer solutions that have proven themselves to be particularly safe.so the authors don’t consider segwit as a consensus-layer solution to increase transaction throughput, or not think segwit is safe? But logically speaking if segwit is not safe, this BIP could only be worse. OTOH, segwit also obviously increases tx throughput, although it may not be as much as some people wish to have.
This specification refines many of Lau's ideas, and offers a much simpler method of tackling the value transfer issue, which, in Lau's proposal, was solved with consensus-layer UTXO selection.The 2013 one is outdated. As the authors are not quoting it, not sure if they read my January proposal
extension block activation entails BIP141 activation.I think extension block in the proposed form actually breaks BIP141. It may say it activates segregated witness as a general idea, but not a specific proposal like BIP141
The merkle root is to be calculated as a merkle tree with all extension block txids and wtxids as the leaves.It needs to be more specific here. How are they exactly arranged? I suggest it uses a root of all txids, and a root of all wtxids, and combine them as the commitment. The reason is to allow people to prune the witness data, yet still able to serve the pruned tx to light wallets. If it makes txid and wtxid as pairs, after witness pruning it still needs to store all the wtxids or it can’t reconstruct the tree
Outputs signal to exit the extension block if the contained script is either a minimally encoded P2PKH or P2SH script.This hits the biggest question I asked in my January post: do you want to allow direct exit payment to legacy addresses? As a block reorg will almost guarantee changing txid of the resolution tx, that will permanently invalidate all the child txs based on the resolution tx. This is a significant change to the current tx model. To fix this, you need to make exit outputs unspendable for up to 100 blocks. Doing this, however, will make legacy wallet users very confused as they do not anticipate funding being locked up for a long period of time. So you can’t let the money sent back to a legacy address directly, but sent to a new format address that only recognized by new wallet, which understands the lock up requirement. This way, however, introduces friction and some fungibility issues, and I’d expect people using cross chain atomic swap to exchange bitcoin and xbitcoin
Verification of transactions within the extension block shall enforce all currently deployed softforks, along with an extra BIP141-like ruleset.I suggest to only allow push-only and OP_RETURN scriptPubKey in xblock. Especially, you don’t want to replicate the sighash bug to xblock. Also, requires scriptSig to be always empty
This leaves room for 7 future soft-fork upgrades to relax DoS limits.Why 7? There are 16 unused witness program versions
Witness script hash v0 shall be worth the number of accurately counted sigops in the redeem script, multiplied by a factor of 8.There is a flaw here: witness script with no sigop will be counted as 0 and have a lot free space
every 73 bytes in the serialized witness vector is worth 1 additional point.so 72 bytes is 1 point or 0 point? Maybe it should just scale everything up by 64 or 128, and make 1 witness byte = 1 point . So it won’t provide any “free space” in the block.
Currently defined witness programs (v0) are each worth 8 points. Unknown witness program outputs are worth 1 point. Any exiting output is always worth 8 points.I’d suggest to have at least 16 points for each witness v0 output, so it will make it always more expensive to create than spend UTXO. It may even provide extra “discount” if a tx has more input than output. The overall objective is to limit the UTXO growth. The ext block should be mainly for making transactions, not store of value (I’ll explain later)
Dust ThresholdIn general I think it’s ok, but I’d suggest a higher threshold like 5000 satoshi. It may also combine the threshold with the output witness version, so unknown version may have a lower or no threshold. Alternatively, it may start with a high threshold and leave a backdoor softfork to reduce it.
DeactivationIt is a double-edged sword. While it is good for us to be able to discard an unused chain, it may create really bad user experience and people may even lose money. For example, people may have opened Lightning channels and they will find it not possible to close the channel. So you need to make sure people are not making time-locked tx for years, and require people to refresh their channel regularly. And have big red warning when the deactivation SF is locked in. Generally, xblock with deactivation should never be used as long-term storage of value.
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