A new Bitcoin Improvement Proposal (BIP) authored by Bitcoin Core contributor Johnson Lau would bring enhanced functionality to the Bitcoin blockchain. The new BIP is dependent on BIP 114, which was also authored by Lau.
CoinJournal reached out to Lau to get the details on these improvement proposals.
The basic idea behind Lau’s recently-published BIP is to enable some new (and re-enable some old) opcodes in Bitcoin’s scripting language. Opcodes are essentially the rules that determine how and when some bitcoin will be spent. As Lau explained to CoinJournal, “The most commonly used rules (i.e. address starting with 1) is ‘In order to spend the bitcoin, you have to give a valid signature for this public key.’”
Many opcodes were disabled by Satoshi Nakamoto in the early days of Bitcoin for security reasons, but Lau says, “Satoshi disabled those opcodes as an emergency response. Most of these opcodes could be reimplemented safely.”
Lau would like to allow for much…