It's more and less how https://www.spark.money/ Bitcoin L2 works.
Has anyone looked into Statechains / Mercury Protocol? The premise is swapping/passing on Private Keys to trade value instead of moving sats from a UTXO to another.
Cool in theory right?
The coins get locked into a channel state and then you can pass on the priv key by using a multi SIG set up where a coordinator burns the old priv key and a new one is generated. (Its complex but this is the easiest way I can ELI5).
I thought the idea had merit. But it sort of died and no one took it up.
nostr:nprofile1qqs9pk20ctv9srrg9vr354p03v0rrgsqkpggh2u45va77zz4mu5p6ccpzemhxue69uhk2er9dchxummnw3ezumrpdejz7qgkwaehxw309a5xjum59ehx7um5wghxcctwvshszrnhwden5te0dehhxtnvdakz7qrxnfk nostr:nprofile1qqsr9cvzwc652r4m83d86ykplrnm9dg5gwdvzzn8ameanlvut35wy3gpz3mhxw309aex2mrp0yhx5c34x5hxxmmd9uqsuamnwvaz7tmwdaejumr0dshszythwden5te0dehhxarj9ekxzmny9u0ljp2l did you guys ever look into it?
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nostr:npub1aeh2zw4elewy5682lxc6xnlqzjnxksq303gwu2npfaxd49vmde6qcq4nwx even created a fork of nostr:npub17n4cuc4d6y6qh89dekvxrenfkt5s0n49xns00uavjaxpr36c55dq87fyh9 nostr client using this tech from Spark
I’m thinking of renaming my version and launching it as an official fork with its own domain name soon.
Until then. you can try it out here…
Great. For sure I will use it.
Hm... Seems like the trust isn't as minimized as could be. Spark TM, the company, is the trusted party here.
And seems like they're pushing it for stables and tokens. 😮💨
No, it's not. Everything is opensource, you can create your own federation.
They allow stables and tokens but you don't need to use it if you don't want.
learning more RN. Presodio Bitcoin did a podcast on it. the operator, and spark provider and spark entity are all different. they are explaining that the provider side is closed source but in theory anyone with the high capability could also be one. interesting stuff