BTCapsule 🏴🧡 on Nostr: Liquid is a multisig pretending to be a sidechain. 15 people control your coins. ...
Liquid is a multisig pretending to be a sidechain. 15 people control your coins.
Drivechains are sidechains, chosen by 51% hashrate. They are a promise from the miners that they support these sidechains and will not destroy them in 10 minutes.
There is no reason to put sidechain technology on a fake sidechain and see how it does.
If you want to peg out of Liquid, and the Liquid federation wants to give you your Bitcoin, but 51% of miners do not want you to have your coins, they can censor you. They can censor lightning. They can kill every L2, including drivechains.
BIP300 recognizes this, so it does two things to protect itself:
1. Massive fees to miners. Why would miners kill something that always pays them? They are incentivized to protect the sidechains, make them better, and continue mining L1.
2. Six month peg out. This gives us six months to see if the miners are misbehaving, with a constant warning displayed to the world every 10 minutes.
If using a second layer to Bitcoin is its eventual future for the masses, then there is nothing close to drivechains.
BitVM has similar issues, though it’s MUCH better than lightning, and that is why Super Testnet and Robin still support BIP300.
Drivechains are sidechains, chosen by 51% hashrate. They are a promise from the miners that they support these sidechains and will not destroy them in 10 minutes.
There is no reason to put sidechain technology on a fake sidechain and see how it does.
If you want to peg out of Liquid, and the Liquid federation wants to give you your Bitcoin, but 51% of miners do not want you to have your coins, they can censor you. They can censor lightning. They can kill every L2, including drivechains.
BIP300 recognizes this, so it does two things to protect itself:
1. Massive fees to miners. Why would miners kill something that always pays them? They are incentivized to protect the sidechains, make them better, and continue mining L1.
2. Six month peg out. This gives us six months to see if the miners are misbehaving, with a constant warning displayed to the world every 10 minutes.
If using a second layer to Bitcoin is its eventual future for the masses, then there is nothing close to drivechains.
BitVM has similar issues, though it’s MUCH better than lightning, and that is why Super Testnet and Robin still support BIP300.