Ark notes from Buraks talk:
Low velocity, High capacity
Compatible with lightning
“Scales users not payments”
Lightning is better for vendors, ark is better for users
Mainly great for checking account use cases
Can pay lightning invoices(?)
Not a protocol, client/server model
Blended coinjoin service(?)
No gossip/routing
“Subnet of lightning”
ASPs are LSPs
Inherits the network effects of lightning
ELI5 👨🏫
This is all i got, talk was high level. I haven’t deep dove into it yet
Basic idea is that he’s trying to build a new bitcoin L2 with less channel and liquidity requirements, but the tradeoff is transactions are not instant.
We're going to have a whole cycle of suits talking about how they need to change bitcoin. Same way we had a cycle of individuals saying how they need to change bitcoin.
As long as they build on top, I don't see an issue. Free market can then decide which solution wins imo.
Ok, thx 🙏 Do you know, what exactly would not instant mean? More than 3 seconds for settlement?
I just read that it's like a mempool that updates every 5 seconds and finalizes every block.
What I'm wondering is if there are any security flaws in the time from spend to block finalization?
Wonder if it's trustless? If the ark server operators earn routing fees?
Very interested in how the incentives align
any code anywhere?
(this isn’t snark, devs have asked, genuinely curious if anything has been posted since his announcement in Miami)
How many layer 2s would this make. I only know of liquid and lightning.
john law’s “timeout-tree” proposal improves Ark buy putting LN channels at the tree leaves
a much simpler and elegant design imo
https://lists.linuxfoundation.org/pipermail/lightning-dev/2023-September/004092.html
If the mixes happen every 5 seconds, then there can be at most 64 ark providers and only if there are no other transactions in the mempool. Were there any improvements since Miami?
Does it need any mods or bips on the base layer?
The only drawback I found was that you need to refresh your coins every few weeks or else the asp sweeps the funds, not sure why though 🤔
