Burak (Bitcoin researcher/developer) joins me to talk about Ark, a new protocol for Bitcoin scaling and privacy. We chat about:
Downsides of LN
High level overview
ASPs, vTXOs
Vapourware?
Other criticisms
Interactive vs non-interactive versions
Covenants and what they’d mean for Bitcoin
oh sweeeeeet!
👌
I didn’t understand.
Let me explain with what I understand so (hopefully) someone who get it right can fix it for me:
1) You have some on-chain, 1st layer, good old bitcoin.
2) You pick a ASP (Ark service provider) to lock you Bitcoin with a script. (At this point I understand Ark put more weight to lift for ASPs)
3) So they create vUTXOs for you according to the amount you locked in the script.
4) I have no idea how this vUTXOs traded between different ASPs or do they native to ASP and not possible to pass that vUTXO to other people from other ASPs.
This method is still vulnerable to the high fee environment on the base chain. I don’t think it is theoretically possible to avoid it completely. That was my first impressions from the Bitcoin Conference Presentation so I think I got it wrong. Any help or explanation is highly appreciated!
#bitcoin #ark #arkpillme #secondlayer #2ndlayer #buidl
