Hi Yuri,
I think it's worth noting that for transactions with an equal number of
P2TR keypath spends (inputs) and P2TR outputs, the amount of space used
in a transaction by the serialization of the signature itself (16 vbytes
per input) ranges from a bit over 14% of transaction size (1-input,
1-output) to a bit less than 16% (10,000-in, 10,000-out; a ~1 MvB tx).
I infer that to mean that the absolute best a signature replacement
scheme can do is free up 16% of block space.
An extra 16% of block space is significant, but the advantage of that
savings needs to be compared to the challenge of creating a highly peer
reviewed implementation of the new signature scheme and then convincing
a very large number of Bitcoin users to accept it. A soft fork proposal
that introduces new-to-Bitcoin cryptography (such as a different hash
function) will likely need to be studied for a prolonged period by many
experts before Bitcoin users become confident enough in it to trust
their bitcoins to it. A hard fork proposal has the same challenges as a
soft fork, plus likely a large delay before it can go into effect, and
it also needs to be weighed against the much easier process it would be
for experts and users to review a hard fork that increased block
capacity by 16% directly.
I haven't fully studied your proposal (as I understand you're working on
an improved version), but I wanted to put my gut feeling about it into
words to offer feedback (hopefully of the constructive kind): I think
the savings in block space might not be worth the cost in expert review
and user consensus building.
That said, I love innovative ideas about Bitcoin and this is one I will
remember. If you continue working on it, I very much look forward to
seeing what you come up with. If you don't continue working on it, I
believe you're likely to think of something else that will be just as
exciting, if not more so.
Thanks for innovating!,
-Dave
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