If you want to make BIP300/drivechains/decentralized sidechains happen in a way that isn’t embarrassingly insecure, work on StratumV2, work on Braidpool, bring P2Pool back.
Without substantial increases in mining decentralization these things make zero sense.
that's definitely a better use for those 3 million $
P2Pool is working great for Monero and it would be brilliant for Bitcoin.
Sadly the coinbase size ended up breaking it for bitcoin. There’s other ideas on how to reduce it again (mostly allowing people to atomic swap payout shares with larger miners for lightning)
Hey! Wondering if you'd be cool to give me feedback on my understanding of DC at a simple level.
Its the ability to move coins/sats off the main chain in a peg-out type of situation, to underpin/start a completely different blockchain. Thereby inviting new mining to be incorporated WITH the Core L1 mining.
This enables anyone's project to then be directly tied into the Bitcoin Network...
Instead of how a sidechain might operate now, with trust involved and peg in peg out style escrow and custody and no integrated of mining beyond a couple in and out L1 transactions.
And this skews mining to further centralize it, where Satoshi initially intended mining to be mostly pleb based.
I'll send you some sats for the help, thanks!
What else is key to know? Just seems like miners and alt coins wanting to be attached to Core instead of requiring trust... which taints Bitcoin to all and any bad project, not to mention opens up unknown and unforeseeable attack vectors like say how no one saw Ordinals coming when Taproot was proposed. But it might be far more nefarious.
Thanks.
Still doesn’t solve the fundamental issue, which is changing the consensus mechanism and incentives to enable something which should be done trustlessly.
Paul replied to you at 1:23:00 https://www.youtube.com/watch?v=RdyoOO_i7lk
Layer2Labs is even hiring for work to be done in this area
