What is a ZK roll-up?
According to Stroom developer Slava Zhygulin, ZK rollups are transaction hashes or small pieces of information which contain encrypted information about a large database.
By using Zero Knowledge Proofs, users can verify if the information they want to verify is true or false – the information itself does not get stored on chain and can exist in a GitHub repository.
It’s a scalability solution which aims to reduce the amount of data which gets stored on blockchains to make the operations more efficient and reduce the instances where every node must verify every bit of information – they can only agree on the existence of a hash which serves this verification function for anyone who wants to inquire.
ZK rollups are pretty cutting edge in the field of cryptography and there are some plans to implement them on Bitcoin using the ordinals protocol which greatly reduces the cost of storing hashes.
#zkproof #zeroknowledge #zeroknowledgeproof #zeroknowledgeproofs #zkrollups #bitcoin #bitcoinscaling #bitcoinscalability #stroom #stroomnetwork #bitcointakeover #bitcointakeoverpodcast #btctkvr
It’s impossible to discuss the future of Bitcoin’s Lightning Network without asking some existential questions about its ultimate purpose. Is it really important for everyone to run a node to route payments and decentralize the network, or should users settle for convenience and reliability at the expense of some centralization?
Will the Lightning Network fees always be small and competitive, or are we going to see cartels of big players who adjust the fees according to the on-chain rates?
According to Stroom Network’s Slava, the most important quality of Lightning is that the network is and should always stay permissionless to enable anyone to run a node. Secondly, he argues that Lightning fees will always be smaller than on-chain fees, as otherwise users will just pay to transact on the base layer.
For more information about the present and the future of the Lightning Network, listen to S13 E14 of the Bitcoin Takeover podcast – now available on YouTube, Spotify and YouTube 🎧
#lightningnetwork #bitcoin #bitcoinlightning #bitcoinlightningnetwork #lightningrouting #bitcoinfees #bitcoinfuture #bitcointakeover #bitcoinpodcast #bitcointakeoverpodcast #btctkvr #stroom #stroomnetwork
The hype is real! Can’t wait for next month 😍
Stroom network was created to convince DeFi people who use WBTC on Ethereum to lend their liquidity for the purpose of opening more Lightning network channels on Bitcoin.
It's a bold and unorthodox approach upon which hardcore Bitcoin maximalists would frown. However, it does open more Lightning channels to improve the reliability of the network, so any such initiative is hard to hate.
The ETH users earn their yield from tokens, while the Lightning network benefits from an inflow of real hard bitcoins. It almost sounds too good to be true!
Learn more about Stroom from S13 E14 of the Bitcoin Takeover podcast ⚡🎧
#bitcointakeover #bitcoinpodcast #btctkvr #bitcoin #bitcoindefi #bitcoinlightning #lightningnetwork #lightningnetwork⚡️ #stroom #stroomnetwork #bitcointakeoverpodcast
In order to maintain its security, Bitcoin needs high transaction fees on the base layer. Wait, what?!
As the mining reward gets reduced in half after every 210.000 blocks (~4 years), the miners need to get paid in order to afford sustaining their security service.
As outlined in the Bitcoin whitepaper and according to the inflation schedule to 21 million coins, mining will at one point get paid entirety by transaction fees.
Listen to the Bitcoin Takeover podcast on Spotify, Apple Podcasts and YouTube to learn more about how Bitcoin works 🎧
Subscribe and like this video to see daily informative shorts 🤩
#bitcoin #bitcoinpodcast #bitcointransaction #bitcoinfees #bitcointransactionfees #bitcoinsecurity #bitcointakeover #btctkvr #bitcointakeoverpodcast #podcast #21million
Thank you, sir! Stay tuned for a new one every day 🫡
The first Lightning network transaction took place 6 years ago. At the time, it was a highly specialized and technical operation which only developers could perform.
Today, the Lightning network is easier to use than ever. There are lots of non-custodial mobile wallets which don’t require a node, it’s easy to run a node yourself, and the reliability is better.
Nonetheless, there are still routing issues which result in occasional failed payments and the liquidity is still small. Despite being 6 years old, the Lightning network is still in the early days.
Listen to S13 E14 of the Bitcoin Takeover Podcast to learn more about Lightning Network and how a project named Stroom is trying to increase liquidity in a rather unorthodox way ⚡️
#lightningnetwork #bitcoinlightning #bitcoinlightningnetwork #bitcoinlayer #bitcoinlayer2 #stroom #stroomnetwork #bitcoinpodcast #btctkvr #bitcointakeover #bitcointakeoverpodcast
People sometimes complain about the high costs involved in mining Bitcoin. But has it always been this way?
According to Bifury creator and OG miner Filip Pawczynsky, even back in 2013 miners would have to invest 100 BTC or more in their GPU mining rigs. The cost of parts and electricity was always somewhat proportional with the benefit of the rewards, so profitability was small unless the miners could afford to not sell their coins for a few years.
Listen to S13 E13 of the Bitcoin Takeover podcast to learn more about the early days of mining. The episode is now available on Apple Podcasts, Spotify & YouTube.
#bitcointakeover #mining2013 #miningbitcoin #bitcoinminer #bitcoinmining #bifury #mining #asicmining #gpumining #miningprofitability #btctkvr #bitcointakeoverpodcast
What is the Stroom network and how is it planning to increase Lightning liquidity?
In S13 E14 of the Bitcoin Takeover podcast, Slava Zhygulin and Nick Schteringard talk about their grand master plan to make DeFi people (who trade with WBTC on other blockchains) use their coins to open more Lightning Network channels on Bitcoin and earn yield.
Stroom is essentially a derivative system which aims to increase liquidity and reliability of the Lightning Network – yet it achieves the goal by attracting investors who normally don’t care about Bitcoin and Lightning.
The full episode is now available on YouTube, Apple Podcasts & Spotify. Don’t forget to subscribe and leave your feedback 🎧
#bitcoin #btc #lightningnetwork #stroom #stroomnetwork #bitcoinpodcast #bitcointakeover #bitcointakeoverpodcast #btctkvr #boosty #lightningchannel #lightningliquidity #bitcoinlightning #slavazhygulin #nickschteringard
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Bitcoin mining generates heat which isn’t necessarily wasteful. It can be used used to heat your house during winter and get hot water all year round.
Listen to S13 E13 of the Bitcoin Takeover podcast to learn more about Bitcoin mining ⛏️
#bitcoinminingpool #bitcoinmining #homemining #btctkvr #mining #bitcointakeover #bitcointakeoverpodcast #bitcoinpodcast #filippawczyński #bitcoinpoland
Filip Pawczynski started mining sometime in 2011. But did he and his peers solo mine to get the 50 BTC reward, or were they collaborating with pools in order to maximize their chances to discover blocks, but split the rewards?
As it turns out, pools were popular even when the difficulty was fairly low. With the emergence of Slush Pool (today’s @braiins_mining) in late 2010, Bitcoin mining became more of a team effort.
Listen to S13 E13 of the Bitcoin Takeover podcast to learn more about the early days of Bitcoin mining ⛏️
#bitcoin #bitcoinpodcast #bitcointakeover #bitcoinmining #bitcoinminingpool #bitcoinminingfarm #btctkvr #bitcointakeoverpodcast #filippawczyński #slushpool
2014 bear market: we can create tokens and even put the dollar on the Bitcoin network
2018 bear market: it’s blockchain, not Bitcoin. We can use blockchains to run elections, store medical records, and track supply chains for food products.
2022/2023 bear market: let’s put the US dollar on the Lightning network.
Listen to S13 E10 of the Bitcoin Takeover podcast to learn more about silly bear market narratives 🐻
#bitcoin #bitcoinpodcast #bitcoinprice #bearmarket #blockchain #bitcoinusd #btcusd #bitcointakeoverpodcast #btctkvr #podcast #usdt
Shameless plug, but check out Bitcoin Takeover. I’ve interviewed #[4] and even asked him some of the more uncomfortable questions about Wasabi:
As for articles, read this piece by Thibaud: https://bitcoinmagazine.com/technical/toxic-change-wabisabi-bitcoin-coinjoin-privacy
Does Bitcoin mining need professionalization?
In the last 10 years, securing the Bitcoin network through mining went from being a hobby that anyone could do in their apartment with GPU rigs, to an industrial-scale operation which takes place near inexpensive power plants.
But does it have to be like this? Can’t we all just do it from our laptops? Filip Pawczynski, an expert in Bitcoin mining, explains that the operation requires reliability and sustainability – so these large industrial-scale farms might be a necessary evil which guarantees a more stable hashrate (and therefore a more predictable block production) over time.
Listen to S13 E13 of the Bitcoin Takeover podcast to learn more about Bitcoin mining and its history 🎧
#bitcoin #bitcoinpodcast #bitcoinminer #bitcoinminingusa #bitcoinminingpool #bitcoinminingfarm #bitcoinmining #filippawczyński #btctkvr #bitcointakeover #bitcointakeoverpodcast
How did Filip Pawczynski discover Bitcoin back in 2011? As it turns out, it was through playing poker on the internet ♥️♦️♣️♠️
Learn more about @FilipPawczynski's story about the early days of Bitcoin mining by listening to S13 E13 of the Bitcoin Takeover podcast – now available on Spotify, Apple Podcasts & YouTube 🎧
#bitcoin #bitcoinpodcast #btctkvr #bitcointakeover #bitcointakeoverpodcast #bitcoinpoker #pokerbitcoin #onlinepoker #internetpoker #filippawczyński
I wanna include a "pleb page" in the upcoming BTCTKVR magazine.
Anyone can bid to have his/her name listed on that page, with a personal project next to it (podcast, freelance service).
Only 21 slots. Anyone who offers more than 0.0021 BTC also receives a signed physical copy.
If you wanna get on this page, place your bid below 👇
Only the top 21 of them will make it.
Will come back to this thread in a week to announce the winners 😏
Companies can't participate, this is only for regular folks (aka plebs). You can use this to promote your work or to have your name immortalized within the pages of this magazine. It's your choice!
(the campaign is simultaneously also taking place on Twitter)
From a payments perspective, Bitcoin doesn't do anything revolutionary. According to Agnieszka of @LOLA_Poland_ , people invented ways to make peer to peer payments over long distances a long time ago.
However, these systems require trusted third parties who might turn out to be either extremely expensive or dishonest. If you spend enough time researching Bitcoin, you're going to stumble upon the popular Nick Szabo quote "trusted third parties are security holes".
What Bitcoin does by excellence is to remove trust. The system relies on computer code that anyone can verify, every piece of software is uncompromisingly open source, and the amount of money you pay for a cross-border transfer is significantly smaller than the costs involved in contracting honest humans.
Listen to the Bitcoin Takeover podcast to learn more about why Bitcoin is such a revolutionary technology 🎧
#bitcoinpodcast #bitcointakeover #bitcointakeoverpodcast #btctkvr #eliminatetrust #trustedthirdpartiesaresecurityholes #wiretransfer #internetmoney #magicinternetmoney