Thanks for keeping this updated cygan. I'm reading but... I don't get it. Still interesting if that makes sense =)
Why not make a simple escrow tool
The problem with escrow is that it needs "some input" from real life. If I buy a collectible coin,
the only way for the escrow to know for sure the seller sent it, is by personally verifying it. I don't think this can be automated in case there's a dispute.
I understand that. But in a real life escrow, the funds are held by a person as well. In a simple purchase (forum's main use of escrow), the escrower validates receipt by buyer with real-life input before releasing. He handles dispute as well. I don't think we take that away. But in BitVM's example, are also real-life inputs, but funds timelocked under no-one's custody. And released if time expires with no disputes.
It doesn't remove the role of escrower, it simply automates some parts I imagine, and reduces risk for escrower. Escrow publishes smart contract. Buyer activates it. Smart contract seals the deal, locks the funds. In case escrower dies or goes rogue, funds will always be released to seller after timelock expiry, escrow fee also automatically paid out.
I agree. I understand the idea and objective of this BitVM, but what is its real use for Bitcoin users' daily lives?
It's like Excel claiming they can automate functions, but guys like me find it too complicated. But you could build form/formula templates where you enter what you need being done, and it does its job. Or just like the Ordinal inscription example I mentioned above. As soon as a simple tool was created for dumb use, the market flooded with BRC20s (for better or worse, the point is, the tool brought the idea to practical and easy use).
So BitVM, just like RSK 6 years ago, claiming smart contracts is nice to hear, but until absolute non-techies like me have a tool to use, it won't make sense.