Blockstream’s Rusty Russell Proposes Bitcoin Script Overhaul.
Rusty Russell, a Blockstream contributor, has proposed a radical overhaul of Bitcoin’s scripting system in order to make it more flexible and powerful, and hence more versatile in its applications. This proposal has been met with mixed reactions from the Bitcoin community, with some expressing concerns about its potential impact on the security and stability of the network while others are excited about the possibilities it could open up.
What is Bitcoin Script?
Bitcoin Script is a stack-based programming language that is used to create and redeem Bitcoin transactions. It is a very simple language, with only a handful of opcodes, but it is capable of expressing a wide variety of operations. This makes it possible to create complex transactions that can be used to implement a wide range of applications, such as multi-signature wallets, atomic swaps, and payment channels.
The Proposed Changes
Russell’s proposed changes would make a number of significant changes to Bitcoin Script. These changes include:
- Adding new opcodes: Russell proposes adding a number of new opcodes to Script, which would allow it to perform new operations. These include opcodes for:
- Checking the validity of a signature without actually executing the script
- Hashing data using a variety of algorithms
- Comparing two values
- Creating and manipulating arrays
- Changing the way that opcodes are executed: Russell also proposes changing the way that opcodes are executed. Currently, each opcode is executed in sequence, but Russell proposes allowing opcodes to be executed in parallel. This would make it possible to create more efficient and complex scripts.
- Making Script more modular: Russell also proposes making Script more modular by allowing scripts to be composed of multiple sub-scripts. This would make it easier to create and maintain complex scripts.
Benefits of the Proposed Changes
Russell’s proposed changes would provide a number of benefits, including:
- Increased flexibility: The new opcodes would allow Script to perform a wider range of operations, making it more flexible and versatile.
- Improved efficiency: The changes to the way that opcodes are executed would make it possible to create more efficient scripts.
- Enhanced modularity: The proposed changes would make it easier to create and maintain complex scripts by allowing them to be composed of multiple sub-scripts.
- Increased security: The addition of new opcodes for checking the validity of signatures and hashing data would make it more difficult to create malicious scripts.
Concerns about the Proposed Changes
While Russell’s proposed changes have the potential to improve Bitcoin Script in a number of ways, there are also some concerns that have been raised. These concerns include:
- Increased complexity: The proposed changes would make Bitcoin Script more complex, which could make it more difficult to understand and use.
- Potential security risks: The new opcodes could introduce new security risks if they are not implemented carefully.
- Compatibility issues: The proposed changes would not be backward compatible with existing Bitcoin Script, which could cause problems for applications that rely on it.
Conclusion
The proposed changes to Bitcoin Script are a significant undertaking, and it is likely to be some time before they are implemented. However, if they are successful, they could have a major impact on the Bitcoin ecosystem. By making Script more flexible, powerful, and secure, these changes could open up new possibilities for Bitcoin and make it even more useful.
Kind regards
S. de Vries.
