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wow, trying to wrap my head around this thing. how does this exactly work?
by volaski 7y ago
wow, trying to wrap my head around this thing. how does this exactly work?
- pat2man 7y agoYou can append a note to a bitcoin transaction, and that node could be a file. This app scrapes those files.
- dboreham 7y agoHmm: https://bitfs.network/about https://bitfs.network/about This is an intellectual exercise, not a useful service. It's similar to those schemes for storing MP3 files in Google calendar entries, or whathaveyou. The txn cost[1] to write any non trivial amount of data to the Bitcoin chain makes it a very expensive filesystem. [1] around $0.06/byte
- voodoosurfer 7y agoExcept your Google calendar entries can't be monetized in perpetuity. Remember, every file put on chain is linked to a wallet address. Imagine creating a viral meme and getting fractions of a penny each time it was re-posted somewhere. That's where this is all headed.
- torusJKL 7y agoThe price for writing to BSV is currently 0.5 satoshi/byte. And some miners accept fees as low as 0.25 satoshi/byte. At the current market price of BSV (USD 350) that is 0.00000175 USD/byte, or 0.001792 USD/KB.
- voodoosurfer 7y agoIt works by embedding data inside of transactions. Really next level stuff, check this out: https://github.com/unwriter/B https://github.com/unwriter/B