Title: How to Record Raw Bitcoin Transactions with Memo Outputs (OP_RETURN) – A Multi-Output Transaction Tool

Introduction

Bitcoin is a decentralized digital currency that allows users to perform complex transactions with multiple outcomes. One of the key features of Bitcoin is the use of “memo” or “op_return” outputs, which are used to send small amounts of value to specific addresses without revealing the identity of the sender. These types of memo outputs are commonly used in conjunction with other types of outputs, such as UTXO (Unspent Transaction Outputs), to create complex transactions. In this article, we will look at a multi-channel transaction tool that allows users to record raw Bitcoin transactions with memo outputs.

Why Does a Memo Output?

Memo outputs are useful for several reasons:

• Anonymity: Using memo outputs, you can send small amounts of value to specific addresses without revealing the identity of the sender.

• Flexibility: Memo outputs can be used in conjunction with other output types to create complex transactions.

• Scalability: Memo outputs allow for a larger number of transactions per block compared to traditional UTXO outputs.

Creating a CLI Tool

To create a multi-output transaction tool using the Command Line Interface (CLI), we will use the Bitcoin Core API. The following commands and configuration files are required:

• bitcoin-cli is used to create and manage Bitcoin wallets, transactions, and blocks.

• txpool is a separate process that manages a list of unspent transaction outputs (UTXO) for each wallet.

Here is an example of a CLI tool in Python:

import bitcoincli
def create_transaction():









Create a new transaction
tx = bitcoincli.Transaction()

Set the output parameters of the note
memo_out = {
'address': 'mynote_address', 
Address of the note
'value': 0.01 
Value of the note (1 satoshi)
}

Add note outputs to the transaction
for key, value in memo_out.items():
tx.add_output(key, bitcoincli.BitcoinValue(value))

Create a new block and add a transaction to it
block = bitcoincli.Block()
block.add_transaction(tx)
return block
def main():
print("Create a new transaction with output notes:")
tx = create_transaction()
print("Transaction details:")
for output in tx.outputs:
print(f"{output.address} - {output.value}")
if __name__ == "__main__":
main()

This script creates a new transaction and adds one or more output notes to it. The main function prints the transaction details, including both the normal data and the note.

Creating the GUI Tool

To create the Graphical User Interface (GUI) for this CLI tool, we will use the Python library pyqt5. Here is an example of how you can create a simple GUI:

“`Pyton

import system

from PyQt5.QtWidgets import QApplication, QWidget, QGridLayout, QLabel, QLineEdit

class TransactionTool(QWidget):

def __init__(self):

super().__init__()

self.memo_out = {}

Create the main layout

GridLayout = QGridLayout()

self.setLayout(gridlayout)

Create labels and input fields for the note address and value

self.memo_address_label = QLabel(“Note address:”)

self.memo_value_input = QLineEdit()

Add labels and input field to the grid layout

gridLayout.addWidget(self.memo_address_label, 0, 0)

gridLayout.addWidget(self.memo_value_input, 0, 1)

Create a button to submit the note output parameters

submission_button = QPushButton(“Submit”)

submission_button.clicked.connect(self.submit_memo_params)

Add a button to the grid layout

Grid Layout.

ethereum python