stromens on Nostr: Bitvm2 is looking quite good from what I get. Tldr: A set of operators run the ...
Bitvm2 is looking quite good from what I get.
Tldr:
A set of operators run the bridge/chain/bitvm one of them needs to be honest for funds to be safe. The capital requirements are lower than the first bitvm white paper aswell.
Any user can now challenge the operator's if they think they cheated.
So what I think would happen in theory worst case scenario is every operators decide to try to rug the system, someone who isn't a operators notice this and issues a challenge to them, because they are cheating the operators will lose and be kicked out.
Now what is great is no money was stolen because of this, the bad part is that now all money is stuck forever because no operators are left.
But what this essentially means is that there is really no economic incentive to try to rug everyone, if they just continue to behave honestly they still get their fee cut.
Will this be perfect for hardcore bitcoiners, no probably not. But are these acceptable trade offs for alot of people? I think so. The main thing to prevent is that it isn't economically reasonable to rug.
For example in liquid what is stopping everyone there to rug is basically just reputational risk and being dragged into the court system. Works decently but the incentives are technically there to do it.
And with Robin Linus proposal to use Bitvm2 for his zkcoins protocol we could get near perfect privacy on bitcoin with minimal trust assumptions. And it would use lightning as the interoperability layer.
I am not the smartest technical guy ever so don't take everything I said as gospel but this is what I gathered from podcasts, reading the white paper (with some help from gpt)
Thought maybe someone else want a dumb downed version of what Bitvm2 is.
Please read more here
https://bitvm.org/bitvm2
And I recommend this spaces too
https://t.co/iV8TANpeNA
Tldr:
A set of operators run the bridge/chain/bitvm one of them needs to be honest for funds to be safe. The capital requirements are lower than the first bitvm white paper aswell.
Any user can now challenge the operator's if they think they cheated.
So what I think would happen in theory worst case scenario is every operators decide to try to rug the system, someone who isn't a operators notice this and issues a challenge to them, because they are cheating the operators will lose and be kicked out.
Now what is great is no money was stolen because of this, the bad part is that now all money is stuck forever because no operators are left.
But what this essentially means is that there is really no economic incentive to try to rug everyone, if they just continue to behave honestly they still get their fee cut.
Will this be perfect for hardcore bitcoiners, no probably not. But are these acceptable trade offs for alot of people? I think so. The main thing to prevent is that it isn't economically reasonable to rug.
For example in liquid what is stopping everyone there to rug is basically just reputational risk and being dragged into the court system. Works decently but the incentives are technically there to do it.
And with Robin Linus proposal to use Bitvm2 for his zkcoins protocol we could get near perfect privacy on bitcoin with minimal trust assumptions. And it would use lightning as the interoperability layer.
I am not the smartest technical guy ever so don't take everything I said as gospel but this is what I gathered from podcasts, reading the white paper (with some help from gpt)
Thought maybe someone else want a dumb downed version of what Bitvm2 is.
Please read more here
https://bitvm.org/bitvm2
And I recommend this spaces too
https://t.co/iV8TANpeNA