Foloprotocol

12 posts

Foloprotocol

Foloprotocol

@Folomeprotocol

Foloprotocol is a crowd sourcing protocols built on binancs smart chain that rewards users for completing simple task. (follow to earn)

Katılım Şubat 2022
34 Takip Edilen2.9K Takipçiler
d3h3d 「🦑」
d3h3d 「🦑」@d3h3d_·
squidfra #3 - accountfi ---------- besides dramatically improving the state of the art in threshold cryptography, @ikadotxyz introduced the novel dwallet primitive, which is the first zero-trust programmable and transferable decentralized signing mechanism. being able to transfer any account on any blockchain is something that was never possible before, and it creates a new type of financial category in crypto - accountfi - which will be possible exclusively on @SuiNetwork if you want a refresher on how account transfer technically works with ika, check out this post: x.com/d3h3d_/status/… ---------- 1. problem it solves accountfi is a new category, so it will take time to explore the new possibilities it opens up, however there are 4 main problems that can be identified now where account transferability is extremely useful. the first is price discovery where a market can't be created: illiquid assets, intrinsic account value and large/complex portfolios. today there's no way to have a marketplace where locked tokens, soulbound tokens (sbts), vetokens etc. are freely traded. same goes for wallets farming airdrops or gaming accounts with their in-game assets and history or entire multi-chain portfolios. being able to trade an account allows the market to efficiently price basically everything. even things like entire daos or rollups. the second is liquidity. while price discovery is important, being able to make everything liquid in a simplified and secure way is also a big problem. the previous examples are pretty clear, but we can also look at something like gaming as an example. there's a grey market today estimated at over a billion $ annually of buying and selling gaming accounts (including "boosting"). this area is rife with fraud as users share their login credentials and pay with gift cards, but when people go to those lengths and take that level of risk to solve a problem, it just highlights what a big problem that is. side note: as the introduction of accountfi solves problems around efficient market pricing and liquidity of assets, it also creates problems for a lot of existing designs because it breaks their premise. sbts were designed to be non-transferable, the sui kiosk was designed to enforce royalties, locked tokens and vetokens were designed to be illiquid, airdrop designs try to reduce speculating farming activities - accountfi creates the need for more advanced designs, that consider the fact the account itself might be tradable, and this need actually creates more opportunities for accountfi squidfra. the third problem is the gas efficiency and finality of legacy networks (like bitcoin for example). accountfi squidfra allows devs to adopt novel designs where they transfer the account ownership (which has sui+ika low cost and sub-second finality) instead of performing expensive actions on legacy networks and have a long wait for finality, which can be catastrophic in some use cases (think instant native bitcoin collateral liquidations instead of waiting 60 minutes). special shoutout here for the 7 day finality problem of optimistic rollups - accountfi squidfra can casually solve one of ethereum's biggest problems. the fourth is provenance - which might possibly be the biggest problem of all. it's practically impossible to keep track of asset ownership in the blockchain, especially across multiple networks and in networks without smart contracts like bitcoin. accountfi allows for provenance of assets ownership through tracking and enforcing policies on the account owners. that is huge for institutional adoption, since aml regulation and sanctions aren't going anywhere - provenance and proving source of funds are critical problems that don't have a good solution in crypto, and that accountfi can very elegantly solve. ---------- 2. use cases it enables accountfi squidfra can power new designs for existing use cases like trading (transfer accounts instead of tokens) or lending (use an account as collateral), but it also enables many novel use cases. the most obvious novel use case is an account marketplace. being able to buy or sell any account including all of its assets, history and activity. it stands to reason that people will model their activity with this marketplace in mind, creating separate dwallets for different actions and purposes, so that they can be easily priced and sold. another novel use case that i believe can be huge is proof-of-ownership. tracking owners, and potentially limiting ownership to parties that have been vetted in some way (like @HumnPassport proof of clean hands or perhaps full-on kyc/kyb) - will make it very easy to have deeper institutional adoption of crypto. today for example institutions pay bitcoin miners a premium for "virgin bitcoin", which is freshly mined utxos that didn't have any other owners. proof-of-ownership can keep bitcoin "virgin" forever, while enforcing a policy and verifying the full chain of custody adhered to that policy. ---------- 3. existing alternatives today, the only way to transfer an account, is by using some account abstraction setup. that is limited to networks that have this kind of setup and of course only applies to a specific account on that network. @NEARProtocol is a good example of a network that allows that out of the box for near accounts, you can trade account abstraction near accounts and there's even a near account marketplace - @NameSkyApp. theoretically, a legacy mpc network could create an account, give user a the permission to use it, and then move the permission to user b - but as you can already understand, this is a far cry from transferring ownership. in fact, neither user a nor user b ever had ownership, all they had was the permission to do things for an account that is owned by the mpc network. in any case most legacy mpc networks don't go that route anyway because of speed and scalability issues, and instead just operate a single account for many users, managing an internal ledger, and only allowing them to do predefined actions that are supported by their internal ledger. ---------- 4. competitive advantage with ika the whole concept of accountfi is revolutionized and enabled by ika - the novel design of the 2pc-mpc protocol that enables programmable and transferable dwallets makes it possible. this means that sui will be the only place where universal and generic accountfi is possible. besides zero-trust security, the superior speed and scalability of sui and ika also give an edge to accountfi squidfra being used in interoperable defi use cases - sub-second finality for native bitcoin transactions for example is a game changer. ---------- although transferring an account is a built-in ika capability, being able to use it for different use cases is not as straightforward. there are complexities around things like the user share management or connecting between the account and any underlying assets and activity it may have across multiple chains. solving these complexities for devs is low hanging fruit for anyone wanting to build squidfra. i'm super excited about dwallet transferability. i think it's one of the things that will open up an entirely new design space and will reshape crypto, and having robust accountfi squidfra is going to be critical for that. ---------- in the next post, we'll talk about ai-focused squidfra - making decentralized access control work in a digital world that is moving towards ai agent domination
d3h3d 「🦑」@d3h3d_

squidfra #2 - bitcoin ---------- one of the major unlocks by @ikadotxyz is that a smart contract on @SuiNetwork can control native bitcoin with speed, scalability, decentralization and zero-trust security. this is huge, and literally not possible anywhere else. however, ika is low level infrastructure, and although the cryptography behind generating a bitcoin signature in a fast, scalable, decentralized and zero-trust way is the most difficult challenge from a research perspective, there are many other challenges for devs who want to utilize bitcoin on their application. for example, how does a smart contract on sui "know" what the state of bitcoin is? how can the signed transactions be submitted to bitcoin? how are bitcoin transactions constructed on sui? how to use dwallets to optimize and reduce bitcoin gas fees and latency? what if i want a synthetic bitcoin to work out of the box with an existing protocol? and in the future how can native bitcoin protocols on defi be seamlessly interoperable? it makes sense to build squidfra tackling these challenges and others, so devs can just focus on their use case. of course many other pieces of squidfra can be useful for bitcoin use cases, but bitcoin's rudimentary design, its significance and the market demand for bitcoin solutions - warrant an entire category of squidfra solutions focused solely on bitcoin. ---------- 1. problem it solves for most people, bitcoin is crypto. as @RobertZarembaIT likes to say, it completely dominates the crypto mindshare. bringing access control and programmability to bitcoin is one of crypto's holy grails and there are many many teams trying to do that. very few are actually doing it with native bitcoin (most are issuing derivatives), and those who do - have many issues (as i'll detail in section 3). whether it's a light client (or full node...) that can be used to verify against the bitcoin state, a smart contract that can construct / deconstruct bitcoin transactions and run them against policies, a relayer system to broadcast signed transactions to bitcoin, an out-of-the-box bitcoin synthetic or an interoperable standard for controlling native bitcoin - having robust bitcoin squidfra on sui means that anyone who wants to build bitcoin into their use case has the best optionality to plug into different solutions and minimal heavy lifting to do themselves. ---------- 2. use cases it enables the genericity and flexibility of ika basically makes any use case possible on bitcoin, but let's highlight some of the categories where the right squidfra can give sui devs unfair advantages over other players in the space: i. custody: enabling decentralized custody with zero-trust security for the first time is a game changer. it solves one of the biggest problems for adoption and being able to have robust bitcoin custody access control policies implemented on-chain without reducing security (like @Aeon_HQ and @COVAULTxyz are doing for example) are a huge competitive advantage that sui builders will have when tackling the bitcoin custody space. ii. native bitcoin defi: enforcing any logic directly on native bitcoin, where the user holds the user share, can be used to design new interoperable defi protocols that utilize native bitcoin for swaps or as collateral - without removing user ownership. a new design is required because it will rely on p2p transactions held in escrow by the protocol (future transactions), instead of the popular pool model. iii. synthetic: bitcoin synthetics are the easiest way to work out-of-the-box with existing protocols without designing new mechanics. although they can't offer the full zero-trust advantage as protocols working with native bitcoin directly can, any bitcoin synthetic created on sui using ika (like nbtc for example) will be instantly more decentralized than any existing derivative. ---------- 3. existing alternatives most bitcoin solutions are based on derivatives - so receiving a native btc deposit to a bitcoin address that is fully controlled by a completely centralized multisig or a fairly centralized and permissioned mpc network - and minting a wrapped token in exchange. this is true for practically every "xbtc" token - wbtc, cbbtc, tbtc, sbtc, lbtc (where it goes through babylon, but same story) etc. this also applies to places where the multisig / mpc network is used to control native bitcoin directly without minting a derivative, because it has the exact same trust assumptions (user gives full control of bitcoin to a handful of trusted 3rd parties) platforms that try to do things directly on bitcoin without taking custody away from the user are cool but scarce and very limited. they're limited because they're forced to use bitcoin script (like @lava_xyz) or exploit very specific cryptographic hacks (like @babylonlabs_io) and therefore can offer extremely limited and specific functionality, and scarce because they have a super complex and inefficient system, struggle with performance, and sometimes also include hidden risks. ---------- 4. competitive advantage with ika ika unlocks speed, scalability, decentralization and zero-trust security in a way that is not possible anywhere else. but most of all, robust bitcoin squidfra can unlock unprecedented optionality, flexibility and simplicity for devs. whether a sui dev focusing on a bitcoin use case wants to prioritize security, performance, abstracted user experience or competitive value - they can pick and choose their model and have it all work out of the box. ---------- superstar team @goNativeCC are leading the charge right now with creating bitcoin squidfra, they've already built the first spv (simple payment verification - a bitcoin "light client") in move on sui, implemented a testnet version of their synthetic bitcoin nbtc, and recently also won @kostascrypto's impossible challenge building the basis for a bitcoin full node on sui. and while native are definitely establishing themselves as the bitcoin squidfra leaders, i expect a few more teams to operate in this space which is huge in terms of potential and can definitely support multiple teams. ---------- tomorrow it's finally time to get into "accountfi" squidfra - allowing devs to fully leverage the unique zero-trust account transferability capabilities of dwallets

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Native | Bitcoin Yield Hub🐝 「🦑」
Native | Bitcoin Yield Hub🐝 「🦑」@goNativeCC·
Now… the Beelievers awaken. 🐝 The official Native NFT collection is coming The Hive is ready to be seen. Rewarding 10 WL spots to 10 beelievers who: → engage with this → tag 3 friends in the comments If you made it this far… you’re early.
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