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Navigating Bitcoin Script Improvement With Lightning Labs’ Ryan Gentry
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5 days agoon
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In a recent interview with Bitcoin Magazine, Ryan Gentry from Lightning Labs shared his insights on the various proposals aimed at enhancing Bitcoin’s scripting capabilities, focusing particularly on the approach taken by Rusty Russell’s new proposal, the Great Script Restoration Project. This initiative has stirred the Bitcoin development community by suggesting the restoration of previously disabled opcodes, such as OP_CAT, to broaden the scripting possibilities on the Bitcoin network.
The Broad Vision vs. Incremental Tweaks
Ryan Gentry highlighted the stark contrast between the comprehensive approach of the Great Script Restoration and other more incremental proposals. Many existing proposals, like Christian Decker‘s work on channel factories or CTV (CheckTemplateVerify), advocate for small, targeted changes to enable specific functionalities. These proposals often face political friction as developers debate the merits and risks of each tweak.
In contrast, Rusty’s Great Script Restoration aims for a holistic improvement of Bitcoin’s scripting language. By restoring a range of opcodes, this proposal seeks to provide a more versatile toolkit for developers, enabling a wide array of new functionalities without favoring any single approach. Ryan believes this broader vision could reduce the political friction and “bike-shedding” often seen in the community, as it doesn’t force developers to choose between competing proposals but instead offers a more inclusive path forward.
Challenges of Broad Consensus
Achieving consensus for such a comprehensive proposal is no small feat. Ryan pointed out that the broader scope of the Great Script Restoration introduces significant complexity, which could slow down progress. The project demands careful coordination and structured project management to maintain momentum and avoid getting bogged down in debates over trivial details.
Despite these challenges, Ryan is optimistic. He noted positive signs, such as the support from previously skeptical developers like Brandon Black, who have come to see the value in Rusty’s approach. This growing consensus among developers is crucial for the proposal’s success, suggesting that a unified effort could turn the ambitious vision into reality.
Addressing Calls for Ossification
One of the compelling arguments in favor of the Great Script Restoration is its potential to address the broader calls for Bitcoin’s ossification. Some members of the Bitcoin community advocate for a stable, unchanging protocol to ensure long-term security and reliability. Ryan highlighted that cleaning up and improving Bitcoin’s script could enhance the safety and functionality of the protocol, aligning with the goals of those calling for ossification. He remarked, “If it’s understood that Bitcoin staying the same is not very safe and we should remove some risk off the table, I think that that’s a better option for them.”
By proactively addressing known issues and enhancing the scripting capabilities, the Great Script Restoration could make Bitcoin more robust and future-proof. This approach not only satisfies developers seeking new functionalities but also serves to reassure those concerned about the risks of frequent changes to the protocol.
A Path Forward
Ryan Gentry envisions a future where the various proponents of Bitcoin script enhancements can unite behind a shared vision. The Great Script Restoration, with its broad and inclusive approach, offers a promising path forward. The key to success lies in maintaining momentum through structured project management and collaborative efforts, ensuring that the community remains focused and motivated.
The project has the potential to significantly enhance Bitcoin’s scripting capabilities, making the protocol more versatile and secure. As the Bitcoin community deliberates on this proposal, the hope is that it will lead to a more robust and adaptable scripting language, capable of meeting the evolving needs of users and developers alike.
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Republican National Committee Endorses Pro-Bitcoin Platform in Party Draft
Published
24 mins agoon
July 8, 2024By
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Today, a Republican National Committee panel approved a draft of its 2024 party platform, that strongly supports Bitcoin.
On page nine, the draft explicitly states, “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.”
JUST IN: 🇺🇸 Republican National Committee panel passes draft of party platform, pledging to "defend the right to mine #Bitcoin" and protect self custody. pic.twitter.com/CnH8nMOuUO
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Additionally, it promises to end what it calls the Democrats’ “unlawful and unAmerican Crypto crackdown” and opposes the creation of a Central Bank Digital Currency (CBDC). According to The Hill, the platform committee overwhelmingly approved the new draft and it will face a final vote on Tuesday.
This decision further marks a clear stance by the Republican party in favor of Bitcoin and cryptocurrency innovation, positioning itself against the current unwelcoming stance by the Biden Administration and Democrats.
The draft reflects the growing interest and advocacy for protecting and supporting Bitcoin within the party, aligning with broader trends of Bitcoin adoption and support among various Republican politicians. In May, Donald Trump said he “will ensure that the future of crypto and Bitcoin will be made in the USA.”
The full approved draft can be read here:
View the original article to see embedded media.
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The German Government Is Selling More Bitcoin – $28 Million Moves to Exchanges
Published
5 hours agoon
July 8, 2024By
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The German government continued shifting portions of its massive Bitcoin trove to exchanges on Monday, transferring over $56 million worth across multiple transactions.
According to blockchain data, addresses linked to the German government moved a total of 500 BTC to Bitstamp and Coinbase (250 BTC each), worth about $27.9 million, at 14:48 UTC+8 today, and transferred 500 BTC to an unmarked address.
JUST IN: 🇩🇪 German Government sends another 1,000 #Bitcoin worth $56 million to exchanges 👀 pic.twitter.com/zsxg3q2tkV
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Germany originally seized nearly 50,000 Bitcoin back in 2013 from the operators of the now-defunct piracy website Movie2K. The stash is estimated to be worth around $2.3 billion at today’s prices.
This comes after the government shifted around $390 million in Bitcoin to various platforms since mid-June.
The steady flow of transfers to exchanges signals Germany’s potential intentions to liquidate parts of its reserves. While reasons remain uncertain, the sales have fueled volatility in Bitcoin’s price, which dipped below $55,000 last week.
However, the amounts shifted so far equate to a relatively small portion of Germany’s massive holdings. After the latest transactions, the government still possesses around 40,000 bitcoins valued at nearly $2.2 billion.
Nonetheless, the remaining reserves represent a significant share of daily Bitcoin trading volumes. As such, experts caution the threat of further turbulence lingers as long as Germany stays active in reducing exposure.
The liquidations come just as long-awaited creditor payouts from Mt. Gox’s 2014 collapse appear set to begin. This timing might compound selling pressure on Bitcoin amid an already bearish macro environment.
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Altcoins
Justin Sun Says TRON Team Designing New Gas-Free Stablecoin Transfer Solution
Published
7 hours agoon
July 8, 2024By
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Justin Sun has announced that developers are now working on a stablecoin transfer solution that can function without gas fees on the TRON (TRX) network.
The crypto billionaire says the new service is set to roll out later this year, initially on TRON before expanding to Ethereum (ETH) and other EVM-compatible chains.
“Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.
This innovation will first be implemented on the Tron blockchain and later support Ethereum and all EVM-compatible public chains.
We anticipate launching this service in Q4 of this year. I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level.”
At time of writing, it’s unclear how the new service will be able to operate without gas fees.
Last month, market intelligence firm Lookonchain reported that the 24-hour trading volume of Tether’s USDT on TRON stood at $53 billion while payment giant Visa’s was only at $42 billion.
“The 24-hour trading volume of USDT on TRON Network is $53 billion, exceeding Visa’s average daily trading volume. Visa’s trading volume in Q1 2024 was $3.78 trillion and the average daily trading volume was $42 billion.”
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