in

Bitcoin : Wallet/URI support for OP_RETURN

Bitcoin : Wallet/URI support for OP_RETURN


I have a few use cases at the moment for services I am working on where I would need a user to attach an OP_RETURN to particular transactions. The use-case for this is that it allows one to track a particular wallet address for a transaction without having to act as a mediator of exchange (i.e. first receiving the payment to a controlled address and then forwarding it to the target address). Acting as a mediator of exchange carries high risk (potential for forwarding service to get hacked) and introduces a lot of technical overhead.

The bitcoincash: URI format appears to be based on BIP-21, which does support other params, but has only defined “amount”, “label” and “message” explicitly. “Label” corresponds to an address (e.g. Luke) and message corresponds to a message stored client-side in the wallet (not committed to the chain). If wallets added support for another parameter, like “op_return” for example, this would allow services to generate QR Codes/URI’s that could contain transactions which could then be tracked for fail/success without the service having to act as a mediator of exchange.

bitcoincash:qqelaxzt50r0r789df90f0njrpnfp3apk56dt2nk5m?op_return=SOME_TX_ID

The services that I am working on where this would be very useful are:

1. A Donate-Direct Charity service.
2. An Open Source Bounty service.

However, I can see some other use cases here.

1. Comments service – Here I’m referring to something similar to Disqus. A user types a comment on a page, but in order for that comment to be submitted, they must scan a QR code and post it as a BCH transaction. The URI might look something like:
bitcoincash:qqelaxzt50r0r789df90f0njrpnfp3apk56dt2nk5m?op_return={SHA256(URL)}_I%20really%20like%20this%20movie

2. Accounting – Similar principle to how current Direct Deposit works. Attaching an ID for the reciever so that they can identify the transaction.

3. Memo.cash – Great service, but in a similar manner to how Twitter contains a “Share” button with pre-filled text, this would allow a user to simply scan a QR code and “share” a comment natively through their wallet application.

If wallets started supporting this functionality, I’m sure there are other possibilities opened here also.




View the link

Bitcoin



Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority.
FindCrypto scans the web for the latest Bitcoin news, so you can find all the latest and breaking news in one convenient location.

Author: jimfriendo

Score: 10

Don’t forget to share the post if you love it !

CryptoCurrency : After releasing the MacCoin, a real, physical coin that’s being paid out to customers each time they purchase a Big Mac. Is McDonald’s ready for Blockchain?

Ripple : Huge Middle East exposure – this just popped up in my inbox.