Join our 2nd Bitcredit community call to explore the potential of a credit money layer on top of Bitcoin and Nostr.
Get the latest updates on the Ebills Core development progress, dive into the bit.cr protocol, and discuss the future of Bitcoin in the real economy.
When: Tuesday, 28th January, 1700 UTC
Where: meet.angor.io/bitcredit
Don't miss this opportunity to learn about the future of sound money and decentralized finance, see you there!
Please, please, please, have a robust Layer 2 to build on before creating the credit layer (layer 3). Having multiple solutions as failsafes and interoperable work around helps keep a credit expansion or crunch from destroying a proposed credit layer.
Lightning- a layer 2 liquidity pool between individuals
Liquid- a sidechain maintained by 15 functionaries.
Two is too few especially with their limits. Ecash would be a nice idea as well if it weren't a layer 3 credit structure as well.
A proposal for a mint type structure where BTC is locked in a multisig that issues coins from its supply based on tokens created within the mint, would be a start.
Anyway, I hope this was considered prior to the creation of bitcredit.
Those are our considerations about the future, underlying Bitcredit Protocol.
1. We think it only needs one Layer 2, and that is Lightning.
2. Individuals will not be using Lightning anymore, it will only be used between ecash mints, the Layer 3.
3. Individuals will pay with bitcoin-redeemable ecash.
Money always coalesces to one but currency is always diverse. The multiple layer 2 solutions allow the money to adapt to its market demands. I think Lightning has a big headstart but I don't think currency ever stands alone. All that to say, just be prepared to adapt your mints to another layer 2 implementation when it comes along.
Anything you have in mind?
There are implementations of several with different trade offs. Liquid being a side-chain is interesting though 11/15 custodians need trust. There's something I have been tossing around that you could essentially create unlockable UTXOs as a sort of Layer one Treasury for a layer two token whose transference provides a nonce to unlock the underlying locked bitcoin. But, I am not a good enough cypherpunk to code it without having serious flaws. Though, I do believe it's possible, juwt not in my hands. This opens the door for minimum sized UTXOs to be established so the "I won't be able to spend my Bitcoin later" people can stop complaining. Also, with value appreciation, Those Minimum sized UTXOs allow for much more market expansion within a single treasury lock up. And anyone could make it without being a "custodian" (because once they spend the commensurate tokens they are divested from the treasury.
But that's all I have personally. I'm sure this can be flushed out more.
What are questions about bitcredit that you would like answered during our upcoming community call?
Getting ready for the second bitcredit community call, join us!
Join us now and ask your questions about bitcredit.
meet.angor.io/bitcredit
