Try to summarize what you are trying to say in less than 5,000 words so that people can read the basic idea. Leave a link to the article for those who want details.
Side networks have been around for a while, but they all carry the problem of how to maintain the value of 1:1, which may not always happen, causing the project to fail. Also, shutdown solutions such as the Lightning Network make the channels limited, the risks are high, and the use is for specific services and not to expand the entire network. There are Goods like spiderchains, which claim to provide a guaranteed 1:1, are still ideas.
Topic: The Bitcoin Scaling Saga: A Satoshi Mapping Adventure (Read 81 times)
Sidechains, L2s, PoS; Its all been tried for blockchains in the last 3 years. Unfortunately, nothing will solve the problem of terrible UX and lack of utility. People simply don't care about decentralization enough for all these 'solutions' to mean much. They have their enthusiasts and i would consider myself one too, but the philosophy of bitcoin is completely different from what smart contracts would entail.
Bitcoin doesn't need smart contracts. The world of smart contracts though terribly needs bitcoin to continue to hold its values of true decentralization. That gives them a fighting chance to continue experimenting and coming up with truly useful products.
Bitcoin doesn't need smart contracts. The world of smart contracts though terribly needs bitcoin to continue to hold its values of true decentralization. That gives them a fighting chance to continue experimenting and coming up with truly useful products.
Yeah and Eth has had endless overprice gas issues.
So if you make a perfect side chain mirror has do you solve the gas fees?
Also down the road not too far off.
Say 2056 blocks will have next to a nothing reward.
2024 = 3.125
2028 = 1.56250
2032 = 0.78125
2036 = 0.390625
2040 = 0.1953125
2044 = 0.09765625
2048 = 0.04882812
2052 = 0.02441406
2056 = 0.01220703 if btc is 10,000,000 the reward is 122,070 usd which is far less than now
So if you make a perfect side chain mirror has do you solve the gas fees?
Also down the road not too far off.
Say 2056 blocks will have next to a nothing reward.
2024 = 3.125
2028 = 1.56250
2032 = 0.78125
2036 = 0.390625
2040 = 0.1953125
2044 = 0.09765625
2048 = 0.04882812
2052 = 0.02441406
2056 = 0.01220703 if btc is 10,000,000 the reward is 122,070 usd which is far less than now
https://miro.medium.com/v2/resize:fit:4800/format:webp/1*EVbnGZdCqFO9-BIqxE7KAg.jpeg
In the ever-evolving realm of cryptocurrencies, one question has persistently lingered: how can Bitcoin, with its ingenious architecture, fixed supply of 21 million coins, and the innovative ordinals protocol, transcend its role as a mere financial asset? The answer lies in the discovery that every Satoshi (Bitcoin’s smallest unit) holds value beyond investment. From art to tokens and even gaming, Bitcoin’s geeky experiments have transformed our understanding of its capabilities.
Now, let’s address the elephant in the room: Bitcoin’s absence of smart contract functionality has been a persistent limitation on its ecosystem’s expansion. But what if I told you there’s a revolutionary sidechain solution in the mix? This solution not only shares the same proof-of-work consensus mechanism and UTXO architecture but also carries the mission of scaling Bitcoin, all while introducing layer 1 smart contract capabilities. Could this be the ultimate solution we’ve been eagerly awaiting?
Hold onto your virtual hats, because there’s a hidden gem within this scaling solution — a feature often overlooked, yet profoundly impactful: 1:1 Satoshi mapping. What is it, you ask? Picture a perfect reflection — each Satoshi on Bitcoin has an identical counterpart on the sidechain. Your addresses on both Bitcoin and the sidechain are virtual twins!
Now, let’s delve into why this 1:1 Satoshi mapping would be a game-changer:
1. Safeguarding Bitcoin’s Core Design and Maximum Security: The sidechain leverages Bitcoin’s UTXO framework as its fundamental infrastructure, preserving Bitcoin’s robust security features.
2. The Seamless Asset Migration and Transaction: Thanks to the 1:1 Satoshi mapping, assets on both chains coexist harmoniously and can effortlessly transaction between realms. Once the bridge is constructed, they become an inseparable, dynamic duo.
3. The Effortless Ecosystem Transition Experience: With the introduction of smart contracts, a diverse range of ecosystem applications naturally emerges. As the sidechain evolves into the primary application layer, the 1:1 Satoshi mapping provides users with a frictionless interactive experience akin to Ethereum’s ecosystem.
4. A Familiar Landscape for Developers: For developers, coding on the sidechain closely parallels Bitcoin development, from architecture to programming languages. Bitcoin’s Builder tool effortlessly enables applications to support both chains, unleashing limitless creative potential. Think of it as creating value tokens on Bitcoin while showcasing applications on the sidechain — an equation where 1+1 yields far greater than 2.
5. A Potent Symbiotic Effect and Ecosystem Explosion: Recall Ethereum’s Layer 2 solutions? We can readily envision a comparable trajectory for the Bitcoin ecosystem with the bolstering support of sidechains. Due to the sidechain’s amplification, reduced fees and enhanced transaction efficiency will magnetize DeFi, GameFi, and NFT teams to establish projects within the Bitcoin ecosystem. In due time, even Web2 companies outside the cryptocurrency realm may gravitate toward sidechain collaboration, igniting a substantial ecosystem boom.
The 1:1 Satoshi mapping has shown us that innovation in the crypto space knows no bounds. It’s time to watch and witness how this feature reshapes the landscape of Bitcoin and beyond.
https://miro.medium.com/v2/resize:fit:4800/0*0TbgrTe165JvZYeZ
In the ever-evolving realm of cryptocurrencies, one question has persistently lingered: how can Bitcoin, with its ingenious architecture, fixed supply of 21 million coins, and the innovative ordinals protocol, transcend its role as a mere financial asset? The answer lies in the discovery that every Satoshi (Bitcoin’s smallest unit) holds value beyond investment. From art to tokens and even gaming, Bitcoin’s geeky experiments have transformed our understanding of its capabilities.
Now, let’s address the elephant in the room: Bitcoin’s absence of smart contract functionality has been a persistent limitation on its ecosystem’s expansion. But what if I told you there’s a revolutionary sidechain solution in the mix? This solution not only shares the same proof-of-work consensus mechanism and UTXO architecture but also carries the mission of scaling Bitcoin, all while introducing layer 1 smart contract capabilities. Could this be the ultimate solution we’ve been eagerly awaiting?
Hold onto your virtual hats, because there’s a hidden gem within this scaling solution — a feature often overlooked, yet profoundly impactful: 1:1 Satoshi mapping. What is it, you ask? Picture a perfect reflection — each Satoshi on Bitcoin has an identical counterpart on the sidechain. Your addresses on both Bitcoin and the sidechain are virtual twins!
Now, let’s delve into why this 1:1 Satoshi mapping would be a game-changer:
1. Safeguarding Bitcoin’s Core Design and Maximum Security: The sidechain leverages Bitcoin’s UTXO framework as its fundamental infrastructure, preserving Bitcoin’s robust security features.
2. The Seamless Asset Migration and Transaction: Thanks to the 1:1 Satoshi mapping, assets on both chains coexist harmoniously and can effortlessly transaction between realms. Once the bridge is constructed, they become an inseparable, dynamic duo.
3. The Effortless Ecosystem Transition Experience: With the introduction of smart contracts, a diverse range of ecosystem applications naturally emerges. As the sidechain evolves into the primary application layer, the 1:1 Satoshi mapping provides users with a frictionless interactive experience akin to Ethereum’s ecosystem.
4. A Familiar Landscape for Developers: For developers, coding on the sidechain closely parallels Bitcoin development, from architecture to programming languages. Bitcoin’s Builder tool effortlessly enables applications to support both chains, unleashing limitless creative potential. Think of it as creating value tokens on Bitcoin while showcasing applications on the sidechain — an equation where 1+1 yields far greater than 2.
5. A Potent Symbiotic Effect and Ecosystem Explosion: Recall Ethereum’s Layer 2 solutions? We can readily envision a comparable trajectory for the Bitcoin ecosystem with the bolstering support of sidechains. Due to the sidechain’s amplification, reduced fees and enhanced transaction efficiency will magnetize DeFi, GameFi, and NFT teams to establish projects within the Bitcoin ecosystem. In due time, even Web2 companies outside the cryptocurrency realm may gravitate toward sidechain collaboration, igniting a substantial ecosystem boom.
The 1:1 Satoshi mapping has shown us that innovation in the crypto space knows no bounds. It’s time to watch and witness how this feature reshapes the landscape of Bitcoin and beyond.
https://miro.medium.com/v2/resize:fit:4800/0*0TbgrTe165JvZYeZ
Jump to: