Topic: Is this not another smart contract for altcoin? (Read 146 times)

I mean, obviously fees being "high" or not is totally relative. A $20 transaction fee may not be high enough for you and me to be making transactions, but they may be "high" enough for 99% of people living in 3rd world countries.

The memory pool was congested and the fee increased but it lasted for two months last year when people bought bitcoin significantly and Chinese drama but ever since April, the fee was not high. But static and very high on exchanges. Bitcoin fee was not high in July last year but it is just a misconception.

It is not bad to add that to reduce the fee and confirmation time. But if it is not bitcoin, nothing changed.

The teal part of (2) is very wrong, the reason for my introduction. The last transaction I made was less than $0.26.

That forum thread seems to be written in July 2021. While I'm not sure, there has been instances last year(or was that in 2020?) whereas bitcoin transaction fees(if you want them to be confirmed in an hour or so, and not wait more than 24 hrs) reached around more or less $20. So there's some truth to it, depending on how congested the mempool is.

That forum thread seems to be written in July 2021. While I'm not sure, there has been instances last year(or was that in 2020?) whereas bitcoin transaction fees(if you want them to be confirmed in an hour or so, and not wait more than 24 hrs) reached around more or less $20. So there's some truth to it, depending on how congested the mempool is.

That Internet Computer project you are mentioning is an altcoin. In the second paragraph of your quote, it says that it works by sending real Bitcoin to their accounts and in exchange you get a wrapped Bitcoin token. A wrapped bitcoin token is not bitcoin and is not transferrable over the Bitcoin blockchain. That makes it an altcoin.

The teal part of (2) is very wrong, the reason for my introduction. The last transaction I made was less than $0.26, some people will think bitcoin transaction fee is static but not.

Is this not another altcoin?

The Internet Computer will add smart contracts to Bitcoin through an application of Chain Key cryptography that will directly integrate the networks. Smart contracts on the Internet Computer will be able to hold, send and receive bitcoin, without the need for private keys.

(1) Bitcoin does not support generic smart contract functionality, but only a limited scripting language that supports a small subset of general smart contract semantics. The envisioned smart contract functionality for Bitcoin transactions allows a user to deploy a canister or make use of an existing canister that can receive and transfer Bitcoin and execute arbitrary smart contract logic expressed in a Turing-complete programming language. To this end, canisters must be able to hold Bitcoin balances, which requires a threshold ECDSA protocol. This protocol enables the replicas hosting a canister to share an ECDSA private key and create ECDSA signatures using cryptographic multi-party computation using a secret-shared private key, that is, without any node learning any information about the private key while jointly computing signatures to sign transactions. Smart contracts require access to the state of the Bitcoin blockchain, the so-called chainstate. Thus, we need to replicate the chainstate on the Internet Computer and provide services to canisters implementing smart contracts to query it and thereby receive UTXO-related information. This feature allows any canister to validate and create Bitcoin transactions and implement powerful smart contract logic.

(2) Transactions on the Bitcoin network are inherently slow and expensive. We want to enable fast and low-cost transactions by building ledger functionality on the Internet Computer that allows users to transfer Bitcoin into and out of accounts on this ledger, thereby creating wrapped Bitcoin on the Internet Computer. Users can transfer Bitcoin into their accounts on the ledger and buy and sell Bitcoin with ledger transactions on the Internet Computer with finality in seconds, while incurring only a tiny fraction of the transaction fees when compared to executing the same transaction on the Bitcoin blockchain. Holders of wrapped Bitcoin can settle their accounts any time by having their account balance transferred to their Bitcoin address.