Down the rabbit hole we go.
8 years ago this was published: https://www.truthcoin.info/blog/drivechain/
It's a LONG and TECHNICAL read. But is comprehensive of a LOT.
Seems like, in SIMPLEST terms is a 2 way Peg to a sidechain to, essentially, support more mining and bring in alternative projects "on" or "adjacent with" Bitcoin.
I'm not sure if I like it or not. I see it both ways.
I like Lyns example of the US Constitution.
Why do we need shitcoins on Bitcoin so badly? It's a big enough challenge to build and scale a hard, seizure and censor resistant, neutral, open, and permissionless money, imo. I'd give it a 50/50 chance Bitcoin, with LN (and maybe Ark, Fedi) scales as a neutral SoV and payment protocol without getting co-opted or corrupted, and that's with 100% of attention laser focussed on that mission. If we get the shitcoin circus coming over to Bitcoin I think that drops to 1%. I'm fine with the scammers' platform of choice being Ethereum.
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Yeah. Not sure taking coins off the chain is a great idea either
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It allows literally everything that could benefit from consensus to anchor to bitcoin. The bitcoin mainchain becomes the universal truth ledger. It massively increases the value of the network if it becomes the global verification standard... If a hash related to some event isnt rolled up and eventurally anchored to the btc blockchain in this heirarchical consensus system it will be like it never happened. Bitcoin blockchain is the spine off which all other branches of the decentralized internet expand from
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Hm. Attack vectors seem to open up too
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Drivechain bips effectively firewall mainchain from any nonsense ont he sidechain and consolodate the attack vector to miner theft. It locks the drivechain funds in a special wallet with no priv keys and to avoid miner theft it takes 3-6 months to withdraw from the sidechain. Its basically the major "flaw" imho its too secure i think probabalistically the 2 week escrow works fine but everyone shit themselves so paul bumped it up to 3 months... Script wise it is relatively simple (im not an expert but if i can understand it its pretty simple) it is commonly argued whenever we get a drivechain, ctv, recirsive covenants or anyprevout upgrade we should just stop for a while bc at that point scalable drivechains are possible(with any of the upgrade, drivechain is the most limited) If we dont get drivechain we might get some more complex covenant thing which i personally dont trust
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It we have users / demand on current sidechains like liquid, RSK, stacks, the drivechain debate would be worth having. However we don't, so their is no need to have a discussing.
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Rootstock is 2/3 the size of lightning and caters largely to users in countries where holding USD is difficult or illegal. It generates over 1 btc in txn fees every month paid to btc miners. All of this is besides the point that drivechains allow for far more than a Bitcoin native EVM. Just be proud as a bitcoiner your node is helping secure the savings for marginalized communities out there! (Check the most recent coinbase for RSKBLOCK it's already merge mined)
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Drivechains are a pipe dream to realize Paul's dream of a prediction market. Prediction markets have shown to fail time and time again because they encroach on the power that the establishment holds over the narratives of the truth. The point isn't to "improve" on Bitcoin in any capacity, it's to finally lay the groundwork for truthcoin and his whole prediction market agenda.
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Oh interesting viewpoint. 🤔
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Drive chain has no value
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