Binance Defined

At the time of writing, Binance referral code charges an average fee of 0.1% on each trade that a user makes. Zhao denied the charges on Twitter, saying his team would review the allegations. 656 adds a feature bits specification to BOLT11, allowing payments to indicate which features they support or require. 2203 adds a rejecthtlc configuration option that will prevent the node from forwarding payments for other nodes but will still allow it to accept incoming payments and send outgoing payments. Other non-final nodes would simply report that they didn’t recognize the payment. For example, nodes are now penalized in the routing preference database if they produce an error message that they shouldn’t be generating given their particular role in a transaction (e.g. intermediate node or final node). In some cases, this may have been done for privacy benefits (e.g. Bitcoin Core currently tries to match the type of change output to the type of payment output) but, in most cases, this seems like a missed opportunity for wallets to send change to their own bech32 addresses for increased fee savings.

This week’s newsletter asks for comments on the miniscript language, publishes our final bech32 sending support section, includes popular Q&A from the Bitcoin Stack Exchange, and describes several notable changes to popular Bitcoin infrastructure projects. Even though this series has ended, we’ll continue to update the segwit section of the compatibility matrix and report on notable bech32 developments in the other parts of the weekly newsletter. As of this writing, here are what we think are some of the most significant bech32-related insights we’ve gleaned from creating and reviewing the Compatibility Matrix. The matrix is designed to help developers gauge how well supported features are and learn from the designs of early adopters. Overall, while both BEP20 and ERC20 are token standards used for creating fungible tokens, their underlying blockchain platforms, interoperability, development processes, transaction fees, and ecosystem differ. This is planned to be used for several new features still under development.

● Lack of bech32 change address support: because sending to bech32 addresses is still not universally supported, it makes sense for segwit-compatible wallets to generate P2SH-wrapped segwit receiving addresses by default. Although this isn’t the near-universal support we’d like to see, it may be enough support that we’ll soon see more wallets switching to bech32 receiving addresses by default. ● Can hardware wallets actually display the amount of funds leaving your control? ● Most tools support paying bech32 addresses: 74% of the wallets and services surveyed support paying to segwit addresses. We hoped that would make it easier for segwit-ready wallets to switch from using P2SH-wrapped segwit addresses by default to more efficient native segwit bech32 addresses. True for wallets that have private keys disabled (i.e. that are only useful as watch-only wallets). For example, a motivation for the change was allowing bloom filters to be provided to particular peers (such as a user’s own lightweight wallet) even if the filters are disabled by default. Policies are composable, allowing any valid sub-expression to be replaced by another valid sub-expression (within certain limits imposed by the Bitcoin system). 1.2.3.4/32. If only an IP address is provided (i.e., no permissions are specified), the behavior is the same as before.

● Address input field length restrictions: some services might have supported sending to bech32 addresses, but when we attempted to enter a bech32 address, either it was rejected as being too long or the field simply refused to accept all the characters. After six months and over 10,000 words published, this is our last bech32 sending support section. This is the same basic privacy leak and solution described for the wrong-amount problem in last week’s newsletter. This week’s newsletter relays a security announcement for LN implementations, describes a non-interactive coinjoin proposal, and notes a few changes in popular Bitcoin infrastructure projects. The mysterious inventor ceased all online activity a few years ago, so it’s unlikely that anyone is ever going to find out the true identity of Bitcoin’s creator. And while Bitcoin’s fixed minting rate helped attract its most fervent early adopters, it also made the barrier to entry much higher for people who want to join now. The miniscript compiler can convert the policy into an efficient P2WSH script and check that it doesn’t violate any of Bitcoin’s consensus rules or Bitcoin Core’s transaction relay and mining policy.