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Created January 26, 2019 04:19
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Nemo
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nemo.md

Nemo: A hypothetical Memo.cash migration to Bitcom Decentralized Protocol Prefix Scheme

This is a thought experiment to see how an application protocol like Memo.cash could migrate to using the Bitcom decentralized prefix scheme.

Step 1. Generate a keypair

bit init

Step 2. Register a blank App

bit useradd

which sends the following OP_RETURN (Note: all in UTF8) thereby registering the app on the Bitcoin blockchain:

OP_RETURN $ useradd [ADDRESS]

Step 3. Add metadata files

bit echo nemo to name
bit echo https://nemo.cash to website

which creates the following OP_RETURN:

OP_RETURN $ echo nemo to name
OP_RETURN $ echo https://nemo.cash to website

Step 4. Use

memo.cash uses 2 byte prefixes starting with 0x6d, such as:

OP_RETURN 0x6d01 Johndoe
OP_RETURN 0x6d02 Hello

With the new Nemo scheme, assuming that the generated address was 17yyXL4raLZFU95ixkRESa2ZBPSSYxSsS5, it would be:

OP_RETURN 17yyXL4raLZFU95ixkRESa2ZBPSSYxSsS5 0x01 Johndoe
OP_RETURN 17yyXL4raLZFU95ixkRESa2ZBPSSYxSsS5 0x02 Hello

The only thing that's changed is:

  1. Added the address as prefix
  2. stripped out the 6d because the address will uniquely identify the protocol from now on.
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