I say that everything involving ZK and Layer 2 Solutions are either going to be the Jesus of the bitcoin network, or another trash attempt at solving a decade old issue. This one feels like it could be up to something honestly. One of the major concerns of people with using systems like these is that it sometimes takes away the "decentralization" feature of bitcoin in favor of faster and cheaper transactions, BSN's use of these readily-available technologies could be good, but it needs further in real life testing to really prove its worth in my opinion.
I am yet to test whether Nostr really is a viable system or not since it was just recently released but if the hype around it is warranted then we might have the better lightning network looking at us straight in the face right here. I'm kinda skeptical about this but at the same time a little excited about what it could bring to the bitcoin network, especially since nowadays we experience network congestions and high fees every other wednesday which is not good for business.
Topic: The Bitcoin Social Network - page 2. (Read 406 times)
the Bitcoin Network. This system intends to minimize the transaction fee
It a good work of (Bitcoin Social Network) since they are proposing to reduce the costs of bitcoin transaction. In one way or the other every wallets you make use of, in doing transaction they must remove their own comission which is their profit too.It possible for them to make a discount for (Bitcoin Social Network) if they found it easy to them, I hope they should reonsider for the most highest leading coin in the crypto currency world.
Bitcoin is the most highest paid coin of all time, as it future moves on, we are even expecting something more than this.
the Bitcoin Network. This system intends to minimize the transaction fee
It a good work of (Bitcoin Social Network) since they are proposing to reduce the costs of bitcoin transaction. In one way or the other every wallets you make use of, in doing transaction they must remove their own comission which is their profit too.It possible for them to make a discount for (Bitcoin Social Network) if they found it easy to them, I hope they should reonsider for the most highest leading coin in the crypto currency world.
Bitcoin is the most highest paid coin of all time, as it future moves on, we are even expecting something more than this.
The Bitcoin Social Network
A decentralized system is proposed to resolve the escalating transaction costs for Bitcoin transactions, from increasing demand in extra information being saved on the Bitcoin Network. This system intends to minimize the transaction fee (satoshis/byte), finalty times, and node storage requirements on the Bitcoin network, without a centralized architecture. By utilizing recent Bitcoin Taproot and Ethereum upgrades, transaction can be bundled into succinct zero-knowledge proofs on Layer Two Rollups, dramatically reducing the burden on the Bitcoin blockchain, leading to much faster, more affordable, and much less energy intensive transactions. Additionally, by utilizing Nostr compliant event signatures, a trusted and efficient way of storing large amounts of off-chain data, linked to on-chain transactions on the Bitcoin network can minimize the burden of regular Bitcoin node operators. This is accomplished through a series of already proven cryptographic techniques and audited smart contracts that impose proper behavior and protect against abuse. By integrating Bitcoin, Ethereum, and Nostr, this decentralized system makes every effort to revolutionize the cryptocurrency ecosystem, making it much more scalable, affordable, and resistant to congestion, ultimately unlocking the potential of decentralized social networks on Bitcoin, for a much more united Earth.
Read the Whitepaper
A decentralized system is proposed to resolve the escalating transaction costs for Bitcoin transactions, from increasing demand in extra information being saved on the Bitcoin Network. This system intends to minimize the transaction fee (satoshis/byte), finalty times, and node storage requirements on the Bitcoin network, without a centralized architecture. By utilizing recent Bitcoin Taproot and Ethereum upgrades, transaction can be bundled into succinct zero-knowledge proofs on Layer Two Rollups, dramatically reducing the burden on the Bitcoin blockchain, leading to much faster, more affordable, and much less energy intensive transactions. Additionally, by utilizing Nostr compliant event signatures, a trusted and efficient way of storing large amounts of off-chain data, linked to on-chain transactions on the Bitcoin network can minimize the burden of regular Bitcoin node operators. This is accomplished through a series of already proven cryptographic techniques and audited smart contracts that impose proper behavior and protect against abuse. By integrating Bitcoin, Ethereum, and Nostr, this decentralized system makes every effort to revolutionize the cryptocurrency ecosystem, making it much more scalable, affordable, and resistant to congestion, ultimately unlocking the potential of decentralized social networks on Bitcoin, for a much more united Earth.
Read the Whitepaper
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