#[0] has reignited my interest in spacechains
Discussion
He's good at that. :) Spacechains are cool af
Spacechains ARE cool af. I kinda dismissed them the last time i saw them a year or two ago
eli5
Sidechain thats blind merge mined with a perpetual one-way peg, so you can go from bitcoin -> sidechain, but cant go back. You can do atomic swaps so you can buy the sidechain tokens if you want to use the sidechain, but bitcoin is ALWAYS more valuable. So its a way to have sidechains for doing whatever usecase you want, without a shitcoin that competes with bitcoin for monetary premium.
Could be done today with semi-trusted setup once we have new package relay with ephemeral anchors. Can be done with no trusted setup with APO or another covenant.
I remember from the video, it says you can do two-way peg too but not tested ? Is there anyway to do this without the tokens ? As monetary transactions eg buy sell carries value, and if there are transactions, using Bitcoin brings capital value - and transacting via Bitcoin is going to be crucial in our goal in achieving native currency., instead of its use as money exchange.
1-way peg is ugly
the one-way peg idea has always made it sound stupid to me, but maybe it’s worth looking into more
Same. I thought it was really dumb because of that.
Well, actually i thought it was just a rhetorical device that rubin invented to use to yell at shitcoiners
🤣
It's a lot more clever than that. Ruben took a look at side chains and figured out that the hard part was peg outs. So what happens if we just don't do peg outs? Well it turns out you get a ton of really nice properties as a result.
Oh it’s beautiful. I love it.
I generally think most of Rubins really good ideas are when he gets rid of the hard parts.
Sidechains: peg-out is hard. Get rid of it. Spacechains!
Reusable payment codes: ECDH signaling is hard. Get rid of it. Silent Payments!
Transferring UTXOs on-chain doesn't scale that well. What if we left the UTXO in place on the blockchain and instead transferred the private key? Statechains!
ahahah
Agreed. Ruben has driven me from "that's just silly" to "actually that's genius" several times now. He is a bright mind.