Today, we're discussing the revolutionary feature: Memoless Transactions!

In THORChain, actions are defined by text strings, or 'memos', attached to transactions. The nodes handle the funds attached to the transaction using the info inside the memos. While effective, this has limitations, especially with chains that don’t support memos or have memo length restrictions, like BTC.

Memoless transactions aim to operate without needing to attach a descriptive string to the user's transaction. Users first store the memo on the THORChain blockchain, receiving a 5-digit reference. To associate a transaction with this memo, users send an amount where the last 5 digits match the memo reference.

Integration Ease: Chains without memo support can now be integrated! No Length Issues: The problem of memo length limitation is resolved!

Minimum Amounts: There’s a minimum and seemingly random amount to perform an action using memoless due to the last 5 digits being the memo reference, which can be frustrating for users.

THORChain Wallet Requirement: Previously, a THORChain wallet wasn’t necessary for a BTC <> ETH transfer. However, with memoless, it is mandatory because registering the memo on the THORChain network is obligatory. (Good for the network, bad for user experience)

Human Errors and Incorrect Transactions: I wonder if the impact on incorrect transactions or human errors has been considered. Until now, the network mostly returns the funds to the sending address if it detects an incorrect memo or transaction. But with memoless transactions, I understand that an error could coincidentally match an existing reference, and an existing memo on the network could be used to manage the funds sent, even if it was by mistake.

This feature is amazing, the team has achieved it again, identify and eliminating previous limitations and opening doors for more integrations! However, I have a reflection: Use of THORChain Network for Relation and Storage:

Since the THORChain network is being used to store memos, I wonder if there has been any consideration to also use it for relation. Perhaps it’s not viable or hasn’t been considered, but could it be possible to reverse the order of the transactions, first performing the transaction on the native chain, e.g., BTC, and then a transaction on the THORChain network registering the memo, the transaction identifier, and proof of ownership of the sending address? This way, nodes could combine both transactions and perform the action, eliminating the problem of the minimum amount per memoless transaction and possible interpretation errors due to collisions between amounts and references.

That's my opinion, and I have limited knowledge about THORChain, so if someone can point out some errors, or clarify some points, it's welcome. I'm not an expert; I have written this for learning purposes and would be delighted to discuss it. What are your thoughts on Memoless Transactions? Let’s discuss!