Money Button now supports safe on-chain data

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Money Button has increased its support for on-chain data by enabling a new transaction type, known as safe data outputs, which will be enabled by the new Bitcoin SV (BSV) node software. Additionally, the company revealed in a blog post that it has updated its JavaScript BSV library to support the new standard output type.

This is just the latest update by Money Button in its continued support for on-chai data. In January, Money Button became the first wallet to support larger OP_RETURN data sizes of up to 100 KB. This made it possible to possible to store video, audio and image files as well as any other type of data on the BSV blockchain in a single transaction. The wallet’s creator, Ryan X Charles, was crucial in creating the first 128 MB-sized blocks.

OP_RETURN is the simplest mechanism for creating an unspendable output and carrying data within a Bitcoin transaction. However, in the original Bitcoin source code, OP_RETURN didn’t invalidate a transaction. Instead, it invalidated the output based on whether the return value was true or false. This was later changed by Satoshi Nakamoto to deter malicious behavior.

However, the new Bitcoin SV node software has restored the original purpose of OP_RETURN by ‘enabling a new standard output type forwards-compatible with the full original functionality of OP_RETURN.’

Money Button has enabled the new standard type, the wallet revealed. Scripts starting with OP_FALSE OP_RETURN will be considered standard and will broadcast with Money Button.

The new output is considered safe for a number of reasons, the first of which is that it will be the output type that all data applications will support in the future. The outputs will also be unspendable and prunable, which will potentially lead to gains in efficiency and save costs for users and miners. The blog post concluded:

Money Button supports many of the advanced features of the Bitcoin SV blockchain already has long-term plans to support every advanced feature, making every conceivable application possible. Safe data outputs are important milestone towards our limitless future.