Posted by Nagaev Boris
Jan 16, 2024/23:40 UTC
In discussing the utilization of blockchain technology for data storage, it is emphasized that being a centralized sender alone does not harness the full advantage of blockchain's potential. The cost-effectiveness of storing data on the blockchain is questioned, especially when considering the financial implications, even with the possibility of receiving discounts. Moreover, the conversation touches upon the risks associated with the centralization of transaction senders in the Bitcoin network. It is pointed out that significant centralization already exists due to exchanges implementing batch transactions. These batch transactions are more economical for the exchanges because they minimize the creation of change addresses, thereby reducing fees. This efficiency in processing transactions through batching is distinct from any benefits derived from witness discount and represents a separate issue within the Bitcoin ecosystem.
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