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Now live on BNB Chain: @flapdotsh's Stocks Vault. Users can now access RWA exposure through Flap's onchain economy. Note: This post is for informational purposes only and not financial advice. DYOR. x.com/flapdotsh/stat…

19 days left freeromanstorm.com

The real benchmark for AI progress is whether it makes a real difference in people’s lives — in healthcare, education, and productivity. Thanks to @ycombinator for having me at AI Startup School.

Congratulations @ZohranKMamdani on your victory in yesterday’s primary election and a well-run campaign. I’m wishing you much success in November and beyond as you work to bring New Yorkers together to tackle the city’s challenges and shape a stronger, fairer future.

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/ Bitcoin Layer2 - Scaling Solution / In 2024, Bitcoin Layer2 solutions are popping up like mushrooms after the rain, with new initiatives constantly rolling out to tackle the existing issues. This in-depth article will explore the necessity for Bitcoin scaling solutions, examine the current strategies in place, identify their limitations,and introduce the mainstream solutions. ---------------------------------------------------------- 🁢 Why do we need Bitcoin scaling solutions? 1. Bitcoin's Layer1 transaction fees are sky-high, hindering widespread adoption In 2023, with the advent of new features like Ordinals and Brc20, Bitcoin often ran into issues with steep transaction fees and network congestion. These scaling solutions are crucial for tackling problems related to transaction throughput, block confirmation times, and cost. 2. Protocols with proven market fit can't be deployed on Bitcoin's platform since it's not programmable As it stands, DeFi products like Uniswap and AAVE can't function on Bitcoin. Thus, Bitcoin needs to develop its programmability through scaling solutions, allowing for a richer variety of applications without altering its core principles. 3. Bitcoin's overuse of inscriptions is squandering network resources Over the past 14 years, Bitcoin has accumulated 87 million UTXOs. Astonishingly, in the short span of eight months from April 2023, this number has rapidly expanded to 160 million. Among these, 55 million are small UTXOs, which is less than 100 satoshis, and will never be spent unless the BTC GAS drops below 7 (not economically viable), causing these so-called "junk UTXOs" to become a permanent burden on the nodes. ---------------------------------------------------------- 🁢 What solutions do we currently have? 1. Layer2 • This allows the Bitcoin mainnet to verify external ledgers, ensuring the Layer2's authenticity and effectiveness. • It essentially scales the main network without major compromises on decentralization or security. • The challenge is that, without changing the BIP infrastructure, the existing Bitcoin framework may not fully replicate the main network's security, involving some level of trust assumption. 2. Sidechains • They operate on an independent consensus mechanism and have only a token-based bidirectional link with Bitcoin, effectively creating a new, autonomous chain that doesn’t depend on Bitcoin’s security. • Their link to Bitcoin is via cross-chain bridges or by uploading data to the Bitcoin blockchain. • The benefit is their rapid development and deployment; basically, with effective marketing, a sidechain can be launched. • The dilemma is, if it’s essentially a new chain, it's hardly different from Ethereum. Given the existence of Ethereum's mature smart contract ecosystem, the question arises: why opt for a Bitcoin sidechain when WBTC could suffice? 3. State channels • Think of them as multisig wallets where parties contribute funds, transact within, and eventually settle the final balance through a withdrawal command after mutual agreement. • Their use case is quite limited, not supporting smart contracts, and thus they mainly function as a payment network, which limits their potential for developing into a financial ecosystem. 4. Interoperability protocols • These can be seen as even more distant sidechains to Bitcoin, enabling connections beyond Bitcoin, potentially linking a variety of EVM and non-EVM networks, like ZetaChain, ThorChain, MAP, and others. ---------------------------------------------------------- 🁢 Comparison of various aspects of the solution ▸ Protection level by Bitcoin State channel ≥ Layer2 > Side chain > Interoperability (State channel uses the HTLC of the Bitcoin protocol to implement its transactions. If problems occur or the relationship ends, the Lightning Network allows users to withdraw funds from the channel by broadcasting the final channel state and settling in Bitcoin.) ▸ Scaling capacity Interoperability > Side chain = Layer2 > State channel (The Interoperability protocol, in theory, solely deals with Wrapped $BTC and isn't bound by Bitcoin's constraints, indicating a minimal connection with Bitcoin. In other words, this also signifies its potential for the greatest freedom and boundless scaling.) ▸ Support for complex applications Side chain = Interoperability = Layer2 > State channel --------------------------------------------------------------- 🁢 Appendix: The Definition of Bitcoin Layer2 Synthesizing the views from Bitcoin Magazine and Pantera, a viable Bitcoin Layer2 should include: 1. Using Bitcoin as both the native asset and the gas token for L2 operations. 2. Bitcoin serve as the settlement and data availability layer within the L2 framework. 3. Featuring trustless cross-chain bridges and escape mechanisms specific to Bitcoin L2. 4. Being inherently linked to Bitcoin, such that it ceases to function if Bitcoin were to vanish. • Pantera Article：panteracapital.com/blockchain-let… • Bitcoin Magzine：bitcoinmagazine.com/press-releases… Therefore, under a strict definition of Bitcoin Layer2, all existing solutions in the market fall short of the criteria. At most, they could be referred to as "Side chains." ---------------------------------------------------------- 🁢 Current bottlenecks in Bitcoin's scaling solutions 1. State • Bottleneck: Bitcoin UTXO can only provide real-time balance, not historical balance or transaction history as fundamental state information. • Solution: Shift towards off-chain development with EVM or off-chain processing. 2. Computation • Bottleneck: The computational capability for unlocking UTXO through ScriptPath scripting is very limited, making it hard to execute complex functional logic. • Solution: Move to off-chain development with EVM, off-chain processing, or implementation of BitVM. 3. Verification • Bottleneck: Due to the lack of state and computational power, it’s challenging for the BTC network to verify the validity of transactions sent over from Layer2, similar to Ethereum. • Solution: Shift to off-chain processing, such as incorporating OP mechanisms, off-chain verification, to enhance the validity and security of off-chain transactions, or implementation of BitVM. 4. Centralization • Bottleneck: Similar to the current situation with Ethereum layer2, most solutions are highly centralized; theoretically, BTC could improve, but no such improvement has been made yet. • Solution: This issue is still too distant for Bitcoin layer2; currently, there are many areas to be optimized, and no project has yet optimized the Sequencer. ---------------------------------------------------------- 🁢 Which projects should we keep an eye on? • Map Protocol | @MapProtocol - Custody: Light Client + Zero-Knowledge - Verification: Similar to Sovereign Rollup, it leverages its own PoS to authenticate transactions. - Consensus: IBFT (PoS) With its advanced cross-chain bridge, powered by Light Node + Zero-Knowledge Proofs, Map can harness the liquidity of Bitcoin Layer2 and merge various blockchain ecosystems, establishing a comprehensive interoperability platform. Hence, it’s better to refer to it as an interoperability protocol rather than a sidechain, acting as the intermediary layer across the entire blockchain network. • SatoshiVM | @satoshivm - Custody: Multi-Party Computation (DHC) - Verification: Off-chain ZKP + OP challenge - Consensus: PoS Drawing inspiration from BitVM, this approach combines ZK and OP for the verification process to enhance security. The development team maintains strong ties with Bool Network and has been deeply engaged in Bitcoin Layer2 research for an extended period, showcasing a robust academic and theoretical background. • B² Network | @BSquaredNetwork - Custody: Multisig (may support Schnorr in the future) - Verification: Off-chain recursive ZKP + OP challenge - Consensus: DPoS (may support decentralized Sequencer in the future) B² Network collaborates with Alt Layer on the underlying structure, featuring an innovative verification mechanism that combines ZK Rollup and OP fraud proofs, along with account abstraction technology, etc. The plan is to develop a modular data availability layer for the Bitcoin track in the future, promoting Rollup as a service. Currently, it has nearly 600m in TVL, ranking third in Bitcoin Layer2. • LumiBit | @LumiBitL2 - Custody: Multisignature (featuring two unique cross-chain types) - Verification: Off-chain ZKP (Sovereign Rollup model) - Consensus: PoS LumiBit integrates Scroll's technology, utilizing Halo2 and FRI for ZK technology in the Type2 zk-EVM, and compresses transaction data with KZG Commitments. There's a possibility of open-sourcing the verification process, making it accessible for public transaction validation. Furthermore, LumiBit aims to enhance the transaction packaging process through partnerships with mining pools. It also provides two types of bridge solutions: a consensus bridge and a UTXO channel bridge, to increase the flexibility and security of cross-chain transactions. • Bouncebit | @bouncebit - Custody: CeFi Custody - Verification: Sovereign Rollup model - Consensus: PoS Bouncebit is not merely a Layer2; it's a Layer1 specifically crafted to boost the capital efficiency of $BTC. Its innovative features comprise Restaking (where funds are staked first to nodes and subsequently to the SSC security module), CeFi arbitrage strategies, and Bounceclub's modular Dapp experience. This marks it as a particularly inventive project in its field, with its Total Value Locked (TVL) soaring to $660 million, placing it as the second leading entity in the Bitcoin Layer2 space. • Rootstock | @rootstock_io - Custody: Multisig - Verification: Merge mining verify - Consensus: PoW (Merge mining) Introduced in 2018, this proposal stands as a trailblazer in Bitcoin EVM scaling solutions, employing the less common method of merged mining. It leverages Bitcoin's security to an extent, enabling miners to concurrently produce Rootstock blocks while mining Bitcoin. Currently, its practical application boasts a TVL of $200 million. • BEVM | @BTClayer2 - Custody: Schnorr signature - Verification: Sovereign Rollup model - Consensus: PoS Its predecessor was the Bitcoin Layer2 pioneer, ChainX, which can be seen as an optimized version for BEVM. With past experience, the technology is relatively mature. BEVM utilizes the Schnorr multisignature with PoS mechanism to achieve the highest degree of decentralization and security possible, and it might be one of the best custody cross-chain solutions currently available. In the future, it will develop based on Stark's ZK ultra-light nodes, accelerating the speed of bi-directional anchoring cross-chain. • Merlin | @MerlinLayer2 - Custody: MPC (cobo solution) - Verification: Off-chain ZKP (Sovereign Rollup model) - Consensus: PoS The currently most favored by capital BTC Layer2 holds the throne of Bitcoin Layer2 with an impressive 3B TVL. There were past successful projects like BRC420 and Bitmap, and the community presence is large. The technology adopted is Lumoz's Polygon zkEVM solution, and there may be an implementation of a decentralized Sequencer in the future. Additionally, there will also be an introduction of the OP Challenge mechanism in the future to ensure the security and validity of data on the Bitcoin mainnet. ---------------------------------------------------------- 🁢 Comparing Other Layer2 Solutions We've outlined some of the more prominent Bitcoin Layer2 solutions, complete with detailed information on their cross-chain, verification, and consensus mechanisms. If there are any inaccuracies, we sincerely apologize and invite feedback. Additionally, some protocols not featured on the list deserve attention, including Citrea, Mezo, Hacash, RGB, and RGB++.