Bitcoin Core is about to undergo a major version update, with the OP_RETURN data limit significantly increased to 4MB
The Bitcoin Core development team announced that a major update will take place in the upcoming Bitcoin Core version 30, set to be released in October, which will directly increase the OP_RETURN (primarily responsible for data storage on the Bitcoin chain) data limit from 80 bytes to nearly 4MB. This change significantly enhances the Bitcoin network's ability to handle non-monetary data, improving efficiency and data processing capacity.
However, this proposal has sparked intense debate within the community. Supporters and opponents hold firm positions, with the focal point of the debate being whether Bitcoin nodes should block non-monetary transactions or act as relays for all valid transactions, leading to discussions and heated arguments.
Proponents believe that the risks associated with OP_RETURN are minimal because its data volume is small, does not increase fee consumption, and will not be added to the core accounting model UTXO of blockchain systems like Bitcoin.
Opponents argue that if the limit is lifted, Bitcoin blocks could be filled with spam and non-monetary data, thus affecting the space for on-chain transactions. They believe that maintaining the status quo is necessary to protect the value and efficiency of Bitcoin.
They are also concerned that the new version could undermine Bitcoin's economic value and reduce its efficiency, potentially weakening node control. For instance, commentators like Seccour, chrisguida, and wizkid057 have expressed such concerns, arguing that this change is a concession to spammers and will encourage abuse of Bitcoin. For example, storing arbitrary data on the Bitcoin chain may lead users to adopt worse evasion tactics, with a typical use case being off-chain transactions between users and miners.
On the other hand, supporters of the update argue that the behavior of storing arbitrary data on the Bitcoin network already exists and cannot be prevented. Firstly, this will reduce node traffic, helping to prevent miner centralization; secondly, it is a practical change that aligns with the current usage of the network.
Since 2014, Bitcoin Core has limited the length of OP_RETURN to 80 bytes. In May of this year, the development team announced the removal of this restriction, stating that this move aims to more comprehensively reflect market economic activities, enhance decentralization, maintain Bitcoin's resistance to censorship, and ensure the efficient operation of the network.
Do you support the Bitcoin Core version 30 update? Leave your opinions and views in the comments section!
