Pay to True Return
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Ty Everett (ty@projectbabbage.com)
In one view of Bitcoin, only spendable output scripts with satoshis attached constitute valid Bitcoin tokens, because Bitcoin tokens are UTXOs. Since traditional scripts are not compatible with this view, we propose a methodology for creating OP_RETURN scripts that are spendable and contain satoshis. This provides a way for software to automatically convert non-compliant OP_RETURNs into proper Bitcoin tokens while encouraging developers to consider the spendability constraints that govern their tokens.
Bitcoin is a token system, and as such, every output should be spendable and have value in satoshis. This fundamental principle ensures that Bitcoin remains a secure and reliable system that can be trusted by users around the world. However, traditional scripts, employing the OP_FALSE OP_RETURN pattern, are not compatible with this view.
OP_FALSE OP_RETURN outputs are non-spendable and carry no value, which means they cannot be considered tokens under this definition. This creates a problem for developers who want to store data on the blockchain using OP_RETURN, as it goes against the basic principles of the Bitcoin token system.
To address this issue, we propose a new methodology for creating OP_RETURN scripts that are spendable and contain satoshis. This provides a way for software to automatically convert non-compliant OP_RETURNs into proper Bitcoin tokens while encouraging developers to consider the spendability constraints that govern their tokens.
By adding the cost of one single satoshi and the fully-open spendability constraints to OP_RETURN outputs, developers will be encouraged to consider the actual constraints that govern their tokens. This will drive them towards script patterns that protect what their tokens represent and promote a more robust and secure token system for Bitcoin.
This standard offers a solution that maintains the fundamental principles of the Bitcoin token system while providing a practical way for developers to store data on the blockchain using OP_RETURN. By adopting this methodology, we can ensure that Bitcoin remains a secure and reliable system that can be trusted by users worldwide.
We specify the same script template as , except that instead of OP_FALSE being the first opcode, it is replaced with OP_TRUE. We also stipulate that at least one satoshi must be locked in the output.
For example:
Because implementers did not define the constraints under which their Bitcoin tokens would be unlocked, we have defined a fully-open system in which anyone can redeem these tokens. If implementers see this as a problem, they should consider being cognisant of the mechanisms that define the spendability constraints of their Bitcoin outputs.