Show Posts
31
General Discussion / sidechains and trustless gateways
« on: August 01, 2017, 10:56:56 am »
I saw old discussions about sidechains but couldn't find a new one and I think this is incredibly important for dex to have.
The DEX looks fantastic and has been doing really well as I summarized in this bitcointalk thread: https://bitcointalk.org/index.php?topic=1949828.0
Two major developments recently:
1) EOS coming out which much benefit possible for connecting DEX to it
2) Bitcoin got segwit making atomic swaps and sidechains easier
With EOS there are 2 major paths: (1) move to EOS and make it work or (2) sidechain to EOS and create basically trustless gateways
Additionally, the only criticism there is for bitshares is that gateways are trusted, so providing (2) sidechain bridges would be incredibly important for other coins like BTC as well even if (1) is done.
What I'm saying is instead of trusting openledger to return real BTC for open.BTC there could be drivechain / atomic swaps to trade between BTC and sidechain.BTC assets so people wouldn't have to worry about openledger gateway being solvent or around next year to redeem.
Atomic swaps: https://themerkle.com/what-is-an-atomic-swap/
Drivechain: http://www.truthcoin.info/blog/drivechain/
Imagine use of slow atomic swaps to load coins onto the dex in trustless manner while then having full trustless ultra high transaction capabilities of the bts DEX.
Potential collaboration with blocknet? They could be added as a trustless gateway as they are slowly adding coins to their collection. Currently they work with QTUM, DGB, PIVX, NMC, DOGE, MUE, VTC, SYS, LTC, DYN, DASH, VIA, and I'm guessing BTC after segwit is next. They are experts in atomic swaps, bts are experts in trustless fiat pegged assets, speed, and dex.
They think it's a great idea and they have the most experience with atomic swaps: https://twitter.com/The_Blocknet/status/890890575452491776
I see 2 main initial candidates for sidechains as priority: BTC (w/ segwit) and STEEM
1. BTC would introduce the broadest network effect allowing people to basically use BTS DEX as their wallet and pay in BTC for anything they want anywhere BTC is accessible. This would help people transition into sending around sidechain.BTC on bts chain instead of BTC network. This would be similar in concept to how people think rsk will evolve. Having trustless BTC/bitUSD market would be incredible that's easily redeemable.
2. STEEM is closest thing to EOS on livenet right now and would show if sidechain to it or EOS is practical. BTS devs have very good native understanding of both blockchains and would be best positioned to take advantage of it. Even if some graphene projects port to EOS, sidechain knowledge could come in useful for those that do not.
How to fund?
Can someone with technical understanding of bts side make at least a research proposal into this as a worker? It makes sense, right?
If getting uncertain project funded is issue, alternative would be to at least fund early research into it from volunteer donations (like others do but using DEX) with an asset sold from a multisig account in hands of active bigshots here putting up a sell wall like RNDSIDECHAIN1 vs bitUSD and using those funds to pay researcher(s) in weekly increments.
Being universal hub for trade for bitshares would be essential, but whether it's on EOS or on BTS, connecting to other blockchains in trustless manner is a must have imo.
What are your thoughts?
The DEX looks fantastic and has been doing really well as I summarized in this bitcointalk thread: https://bitcointalk.org/index.php?topic=1949828.0
Two major developments recently:
1) EOS coming out which much benefit possible for connecting DEX to it
2) Bitcoin got segwit making atomic swaps and sidechains easier
With EOS there are 2 major paths: (1) move to EOS and make it work or (2) sidechain to EOS and create basically trustless gateways
Additionally, the only criticism there is for bitshares is that gateways are trusted, so providing (2) sidechain bridges would be incredibly important for other coins like BTC as well even if (1) is done.
What I'm saying is instead of trusting openledger to return real BTC for open.BTC there could be drivechain / atomic swaps to trade between BTC and sidechain.BTC assets so people wouldn't have to worry about openledger gateway being solvent or around next year to redeem.
Atomic swaps: https://themerkle.com/what-is-an-atomic-swap/
Drivechain: http://www.truthcoin.info/blog/drivechain/
Imagine use of slow atomic swaps to load coins onto the dex in trustless manner while then having full trustless ultra high transaction capabilities of the bts DEX.
Potential collaboration with blocknet? They could be added as a trustless gateway as they are slowly adding coins to their collection. Currently they work with QTUM, DGB, PIVX, NMC, DOGE, MUE, VTC, SYS, LTC, DYN, DASH, VIA, and I'm guessing BTC after segwit is next. They are experts in atomic swaps, bts are experts in trustless fiat pegged assets, speed, and dex.
They think it's a great idea and they have the most experience with atomic swaps: https://twitter.com/The_Blocknet/status/890890575452491776
I see 2 main initial candidates for sidechains as priority: BTC (w/ segwit) and STEEM
1. BTC would introduce the broadest network effect allowing people to basically use BTS DEX as their wallet and pay in BTC for anything they want anywhere BTC is accessible. This would help people transition into sending around sidechain.BTC on bts chain instead of BTC network. This would be similar in concept to how people think rsk will evolve. Having trustless BTC/bitUSD market would be incredible that's easily redeemable.
2. STEEM is closest thing to EOS on livenet right now and would show if sidechain to it or EOS is practical. BTS devs have very good native understanding of both blockchains and would be best positioned to take advantage of it. Even if some graphene projects port to EOS, sidechain knowledge could come in useful for those that do not.
How to fund?
Can someone with technical understanding of bts side make at least a research proposal into this as a worker? It makes sense, right?
If getting uncertain project funded is issue, alternative would be to at least fund early research into it from volunteer donations (like others do but using DEX) with an asset sold from a multisig account in hands of active bigshots here putting up a sell wall like RNDSIDECHAIN1 vs bitUSD and using those funds to pay researcher(s) in weekly increments.
Being universal hub for trade for bitshares would be essential, but whether it's on EOS or on BTS, connecting to other blockchains in trustless manner is a must have imo.
What are your thoughts?
