692 sats \ 5 replies \ @Ksjznxnxkxksn 19 Sep 2023 \ on: Explain Drivechains like I'm 5 bitcoin
Sending bitcoin to special address
(This special address that cointain locked Bitcoin is controlled by at least 51% of the total hashrate on the drivechain )
On this new network, certain parameter of the real Bitcoin network could be ignored
Example : shorter block time, bigger blocksize, new feature, somehow faster tx, etc etc
If you want to use a real Bitcoin again then you must publish a new tx that basically say " hey let me use my Bitcoin again, i'm done playing on this network"
The miners will check the validity of your tx, if enough hashrate agree to your tx then your locked Bitcoin would be sent to whatever address you intended to be
If not enough miner agree even if you provide an honest tx then you're out of luck
Oh wait this is ELI 25 lol
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1 The user itself
2 & 3
Here is what i understand from onchain confirmation :
- Every miner will try to put lots of txs on their version of new block.
- After they done, they will compete to find secret number.
- Whoever gets the nonce CORRECTLY get to publish the new block to the network.
- After that, Full nodes has to verify the validity of every txs inside that newly submitted block, if all tx are valid full nodes will update their ledger to adds that new block and tell other nodes " yo new block just coming, still warm, you better check this out "
- The gossip about that block will propagate across the network, and while this is happening the first step is happening simultaneously.
- Congrats that was counted as 1 confirmation, all txs inside this new block needs to be "buried" with another even newer 6 block ( hence 6 confirmations ) as a standard to be called safe from double-spending risk
I believe when you publish special tx ( peg in ) you are telling the network " hey i want to use drivechain, i will lock this Bitcoin until i'm done playing there "
- Wait for several confs
- Boom you get new coin on the drivechain ( but you cant move your onchain sats )
- When you want to go back using onchain sats you also publish special tx " hey take this weird coin back, i need my real Bitcoin to be sent to this specific address "
Here is when drivechain miners will decide your fate, if all miners are honest and assuming your tx is correct ( no double spending ) at the very least huge amount of hashrate ( lots of bitcoin MINING POWER ) has to burn that special Bitcoin and unlocked your initial Bitcoin
Onchain miner does not has to be drivechain miner. "Merge miner" are term for computer/ASIC that runs consensus on both base layer & drivechain at the same time.
Keep that in mind drivechain won't be as secure as onchain as a result, that's why if rogue actor want to mess drivechain consensus by stealing ASIC and pretend as miner, they could reject/censor tx therefore Bitcoin there could stuck forever. Rogue miners could also steal locked bitcoin.
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"Keep that in mind drivechain won't be as secure as onchain as a result, that's why if rogue actor want to mess drivechain consensus by stealing ASIC and pretend as miner, they could reject/censor tx therefore Bitcoin there could stuck forever. Rogue miners could also steal locked bitcoin."
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What if the rogue miner only has 51% of hashrate, can the others 49% hashrate miners accept my tx ?
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How can rogue miners steal locked bitcoin? Because they control the initial on-chain address where i deposited the "real" btc?
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I read it somewhere vividly drivechain require more than 51% consensus but forget where did i read that.
AFAIK the locked address is controlled by hashrate escrow provided by drivechain miners, so again drivechain miners could be rogue actor.
Anyway drivechain was proposed as a extra source of security budget, if cost of mining falls faster than hashrate can go up then onchain mining will still be competitively profitable.
Second reason is no amount of dumbness & censorship can hold Bitcoin adoption forever, as the time goes on more & more people will abandon fiat & find ways to stack more sats therefore productivity will rise overall thus each sats will increase in value over time
"Everything divided by 21.000.000" but on my lifetime probably only 20 mils lol with quarter of em being lost
But if drivechain guys wanna do it that's their business
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Oh wait this is ELI 25 lol
well said. kids don't play with adults toys.
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