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I am looking at solutions to simplify the architecture of Bitcoin from a more theoretical perspective. I am thinking about removing Bitcoin script, however I am not sure what restrictions this introduces. I find many vague arguments, that having script makes us more flexible, however I am looking for concrete examples.

I have the following things:

  • Payment channels
  • Gambling / distributed random generator
  • Storing data in the blockchain / Proof of publication

What else is out there?

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    Are you thinking of using the P2PKH as the only way of sending transactions? (Just to clarify what examples can be suggested)
    – sr_gi
    Feb 24, 2017 at 15:30
  • I'm wondering whether your underlying question is: "What are the advantages of having a script language for transactions instead of a more simple transaction format?" Perhaps you would like to edit your question to specify your question more clearly and to tell us a bit more about what we would be comparing to.
    – Murch ♦
    Feb 27, 2017 at 10:21

2 Answers 2

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  • multisig transactions
  • blockchain-embedded escrow
  • time-bound transactions
  • proof-of-burn
  • bets based on some oracle, either trusted or decentralized

I suppose there are many more and that some if not all of the above can be, more or less efficiently, realized with P2PKH, possibly with some extra protocols required.

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You can go through the following links:

https://www.coursera.org/learn/cryptocurrency/lecture/HWjti/bitcoin-scripts and https://www.coursera.org/learn/cryptocurrency/lecture/Vu5eX/applications-of-bitcoin-scripts

to know more detailed examples of the importance of Bitcoin scripts.

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