all the testnets are super to me
Today I added a new feature to statechainjs: Proof of Reserves & Liabilities!
Eat your heart out, x.com/notgrubles_ -- I know you've wanted to see this for a long time in ecash software, well, maybe statechains are close enough
To make this easier, today I added a "Proof of Liabilities" button which only shows you information pertinent to proving that (1) an address on bitcoin has enough money to pay you your liabilities (2) you have a key in that address (3) you have enough signatures from the operator to let you withdraw your money unilaterally after a timelock
These items are sufficient to prove that the reserves exist and that the liabilities toward you exist...but they do not prove you will actually be paid, because a malicious operator could steal the money from the proof_of_reserves address with help from a prior holder of your statecoin
> Does it have a proof of reserves (or proof of liabilities?) scheme to verify the funds of the mint?
Yes, it's already built into the client. For each of your statehain utxos you can click "show info" and it will show you what bitcoin address those coins are located in, which you can verify by looking up that address on your node or on a block explorer. No rehypothecation -- you hold a key to that address, and you hold a "backout transaction" which you can broadcast after a timelock if the mint goes down. (You can see the mint's signature for this transaction in "show info" as well.)
> can this scheme be rolled everyday instead of every 30 days?
You can roll it every second if you want to. You yourself audit your own coins as often as you want.
> This would have to be used for higher amounts correct?
Since the last holder of the coins has to create one or possibly two base layer transactions to withdraw them, I don't think it makes much sense to create statechain utxos with a value lower than the cost of two transaction fees. And let's suppose transaction fees are $5 apiece. You might think "ok then the minimum value of a statechain utxo should be $10." But that would mean half the utxo gets consumed as fees (assuming a cooperative withdrawal) or up to the entire thing (if he has to do a unilateral withdrawal). If you want to keep 99% of your money (or 98% in case of a unilateral withdrawal) then the minimum reasonable size of a statechain utxo is $500, that way you'll still have $495 in case of a cooperative withdrawal (99% of $500) or $490 in case of a unilateral withdrawal (98% of $500).
> I would not think you can make payments for 5 dollar values then right?
Under these assumptions, that sounds like a reasonable conclusion. Of course, right now, transaction fees are only like 50 cents or less, so utxos as small as $50 make good economic sense for now.
correct, there is no such thing as change outputs. But if we create standard denominations (1k, 5, 10k, 20k, etc.) then we could treat them like dollar bills. If I owe you 50k, I could give you 3 20k utxos and you could give me back a 10k utxo if you already have one
thank you!
Very. There is a small amount of coding but it is all copy/pasting from a slideshow I created, and all the code is explained as we go
My latest invention is StatechainJS: https://www.youtube.com/watch?v=24pNIs6M7qo
Basically it's like ecash but if the operator goes down you can recover your sats. Being like ecash means transfers are fast & free, but the operator can rob you, so be careful! Try it here: https://github.com/supertestnet/statechainjs
Only 5 more days to register for my Nostr Workshop! supertestnet.org/workshops.html
Learn how to write your first application using the nostr messaging protocol, and also learn how to hook it up to a bitcoin wallet via Nostr Wallet Connect and zap zap zap your friends and favorite peeps
I haven't read the docs yet so my only impressions are these:
- csuwildcat is knowledgeable/credible on the topic of decentralization
- he says dwn relays are better than nostr relays for most purposes
- I want to check it out to see if I agree but I am busy right now
I am a bad person to ask because I am pro-nostr and am therefore unlikely to understand his criticisms properly. My impression of his opinion, which is probably tinted with my nostr-colored glasses, is that he has two main criticisms:
- nostr's design and usage patterns discourage key rotation/recovery
- nostr has no good methods for creating/storing non-public content
I haven't read the docs yet so my only impressions are these:
- csuwildcat is knowledgeable/credible on the topic of decentralization
- he says dwn relays are better than nostr relays for most purposes
- I want to check it out to see if I agree but I am busy right now
Then csuwildcat continues in a followup tweet:
Unlike public feed protocols, you can build any type of app using DIDs & DWeb Nodes that cover the full range of use cases, from social media, to permissioned document collaboration, to encrypted personal medical data. Get started using the Web5 JS lib:
And he links to these docs: https://developer.tbd.website/docs/web5/build/decentralized-web-nodes/web5-connect/
Finally, he says:
Next up, I will be launching a DWeb app I've been writing that exercises the full range of DWeb capabilities. It's a consumer app I hope devs and average users alike can try to provide us feedback on all aspects of the Web5 platform. Join us in building DWeb apps of your own!
The tweet is from csuwildcat (known nostr hater) and it says "Today we released the foundation of our vision for decentralized, serverless apps, DWeb Nodes. DWNs are personal datastores that store/sync your data across your devices & remote instances. To expand availability, Block, Google, & DIF have launched a free remote DWN, open to all:"
Then it displays this image:
New nostr killer just dropped
Time to find out if it's really better
If it is, b'bye nostr!
Remember to sign up for my nostr workshop on July 25! supertestnet.org/workshops.html We'll cover how nostr works, write a simple nostr client, and I will demo how to set up and use a wallet via nostr wallet connect. Also zaps! Step up your game for only $20
You could probably have a bounty bitpac for users to contribute funds to if they want to add more data for these features and just bypass my fundraising tool altogether
Interested in learning how nostr works? Making your first nostr app? Hooking it up to a bitcoin wallet via NWC? Sign up for my Nostr Workshop today! Only $20 per ticket, or you can get a prerecorded version for $5 (but that version doesn't cover NWC)
Thank you x.com/hackergarage for providing a place for bitcoiners to work together in Guadalajara! There are six of us today. If you're in GDL, consider working with us in this wonderful space! 