Version 3 transactions

[Revolter]

I was reading notes from the 2023 LN Summit at https://lists.linuxfoundation.org/pipermail/lightning-dev/2023-July/004014.html

They talk about version 3 transactions. Can anyone tell me the timeline for this to happen? This is only for Lightning transactions or are all transactions going to be version 3?

I asked this already in the Lightning Network Observer page but that just seems to be people having an argument and I got no answer. Am I OK to ask it here too? https://bitcointalk.org/index.php?topic=5348270.msg62583563#msg62583563
 

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[NotATether]

This is most likely only for Lightning network as there is no corresponding discussion about this on the Bitcoin mainnet dev mailing list.

Already, Version 1 and version 2 transactions exist on Layer 1 (the latter version being for those transactions that use improved BIP68 locktime behavior), but there are no standard transactions with different version numbers in the wild.

[o_e_l_e_o]

This is most likely only for Lightning network as there is no corresponding discussion about this on the Bitcoin mainnet dev mailing list.

It's here: https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2022-September/020937.html

It's not possible for the Lightning network to start using version 3 for its mainnet transactions without mainnet upgrading to allow version 3 transactions, so version 3 will absolutely be coming to mainnet too. It won't be a case of "all transactions" as OP suggests, though - we still have plenty of version 1 transactions despite version 2 being the standard for years now. I assume what will happen is Core and the main Lightning implementations like LND will start using v3 first, various other Lightning wallets and clients will then be the next to switch over the following months, and wallets and clients which don't use Lightning will just stick with version 2 for the time being.

For OP, you can track the progress of v3 and package relay here: https://github.com/bitcoin/bitcoin/issues/27463. It seems there is still lots to be done, and there is no mention of it in the 26.0 milestones, so at the very earliest you are look at 27.0 which is almost a year away.

[pooya87]

Already, Version 1 and version 2 transactions exist on Layer 1 (the latter version being for those transactions that use improved BIP68 locktime behavior), but there are no standard transactions with different version numbers in the wild.

The utilization of transaction versions (and to some extent block versions) have been very disappointing so far. I dare say we have wasted 4 bytes per all transactions in the past 14 years, even the version 2 use cases are very niche and are rarely used.
What I gather from version 3 proposal is that it is another underwhelming utilization since it is all standard/policy rules not consensus rules.