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volaski | 6 years ago

wow, trying to wrap my head around this thing. how does this exactly work?

discuss

dboreham|6 years ago

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|6 years ago

Except 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|6 years ago

The 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|6 years ago

It works by embedding data inside of transactions. Really next level stuff, check this out:

https://github.com/unwriter/B

pat2man|6 years ago

You can append a note to a bitcoin transaction, and that node could be a file. This app scrapes those files.