I dont think there is malice either. But they exaggerate marketing thats for sure.
I they have given lots of money to bitcoin core contributors and other bitcoin projects in grants to help with development.
The issue I have with them is the competing cryptocurrency, bitcoin miners can censor stacks transactions, and the wrapped bitcoin token is held in a SEC approved custodian.
BTC was supposed to be p2p with no custodians and middle men.
I hate on LN, Liquid and Rootstock too.
LN is becoming centralised with central liquidity hubs to route payments and the fact 90% of users are using custodial wallets. In the future these can enforce KYC, and become regulated by governments and custodial wallets can steal you bitcoin at any time.
Liquid requires trusting your funds with the Liquid federation who are unknown and unverifable members. The state can easily regulate via KYC and censor certain wallet addresses on this network. The transaction fees go to blockstream.
Rootstock requires trusting a federation but you can verify the members of the federation. But still has the same risks of censorship and regulations like Liquid. Rootstock is merge mined so the fees go to miners making it 2nd most secure network after bitcoin in terms of hash rate.
Drivechain L2s require trusting miners like users already trust miners for L1 transactions so most decentralised, secure and censorship resistant. Bringing any cool idea to bitcoin layer 2s, like Monero, Z-cash, Ethereum, Stacks, Bcash, Potential BIP ideas, all using BTC as native currency (shitcoins without the shitcoins). The downside is that it requires a soft fork to bitcoin core which requires approval from core developers, node runners and miners.
Stacks devs are working on a native bride sBTC were you can bring L1 Bitcoin into the stacks ecosystem and out again trustlessly. Should be released on mainnet sometime Q1 2024. Also the working on Nakamoto release that will improve transaction speed.
Regardless your analysis of Stacks is solid and I won’t argue with you on it faults.
I agree with you on LN, becoming entirely captured by centralized custodians and wallets. Plus when you add a high L1 fee environment, how does that impact LN over the long term? LN is untested in this type of sustained price levels.
No one uses liquid so that basically it doesn’t exist.
Rootstock is cool to but adoption is low as well. But for all their shortcomings any of these solutions are head and shoulders above fiat currencies! I just want to see us succeed in remaking the world and making it a better place for our children and future generations. It starts with the money
Exactly, it’s a free market of ideas. All have trade offs.
I think the layer 2s we use now probably won’t exist or have no users in a few years.
Better layer 2s will come through bitvm, decentralised roll ups or drivechain.
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