Nice use of BitVM. Can you give a real-world example of who would compose a staker set to make the bridge? I don't understand what their incentives are. Like operators of a bank or a casino?
someone who wants to earn fees from operating the bridge (and chain if the staker set is re-used for operating the chain)
nowadays there is a huge industry of professional stakers for all kinds of different protocols, could draw from that pool of experienced operators or recruit new ones.
interest rates are set by the market, I don't think it's worthwhile estimating what they might in this early research stage. but if someone wanted to actually implement this then they probably would want to do a market analysis to see what kind of rates would actually be competitive and economically viable.
With every passing day, BitVM is expanding its use cases. It will be different once it gets close to EVM. I suspect EVM will become less needed with BitVM advancements.
There are many models for generating staking assets. They could even be generated using proof of work or burning BTC. As the post points out BTC itself could be the staking asset. Anyways there's not really a "network" to "sustain" here as such, the staking asset is just being used as a Sybil prevention and penalty enforcement mechanism for the bridge protocol.
If they use proof of work then it would be called POW, birning what? Why would you burn precious BTCs?
Wrapping Bitcoin on a proof of stake protocol is a big attack to Bitcoin and will prob fail.
If they use proof of work then it would be called POW
Using proof of work for issuance of the staking asset is a separate process from staking itself.
Why would you burn precious BTCs?
As a provably-fair way of issuing the staking asset.
Wrapping Bitcoin on a proof of stake protocol is a big attack to Bitcoin and will prob fail.
Based on your comments so far it seems that you don't really understand what you're talking about, so maybe save your opinions and confident predictions of failure for a topic you're better educated on.
The first 8 minutes or so of this talk I gave at btc++ last year explains the motivation for working on bridges: https://yewtu.be/watch?v=M40yzuv6DNY
With that context in mind, Bitstake is a decentralized (and potentially more secure) alternative to the federated/permissioned bridges that exist today. If we accept that the motivation for bridges is sound, then it follows that finding a design that is more decentralized and secure is a worthwhile thing to work on.
Nice use of BitVM. Can you give a real-world example of who would compose a staker set to make the bridge? I don't understand what their incentives are. Like operators of a bank or a casino?
someone who wants to earn fees from operating the bridge (and chain if the staker set is re-used for operating the chain)
nowadays there is a huge industry of professional stakers for all kinds of different protocols, could draw from that pool of experienced operators or recruit new ones.
Very useful info. Thanks!
The page reads like an investor thirst trap. What has been built so far? Do you have a rough implementation or a github for the project?
it's a design for research purposes. there's nothing to invest in.
"investor thirst trap"! Love the spot on sniff test questions also.
I’m not beneath staking. But it’s curious how the projected interest rates are not available? Or am I reading it wrongly?
And actually I derive more joy from spending n replacing my sats these days
interest rates are set by the market, I don't think it's worthwhile estimating what they might in this early research stage. but if someone wanted to actually implement this then they probably would want to do a market analysis to see what kind of rates would actually be competitive and economically viable.
With every passing day, BitVM is expanding its use cases. It will be different once it gets close to EVM. I suspect EVM will become less needed with BitVM advancements.
BitVM and EVM are not mutually exclusive
Are there any user-friendly apps or wallets to use it with yet?
Proof of stake is a scam, change my mind
why is it a scam?
Where is the stake coming from to sustain the network? Not from energy nor work but from you the user
There are many models for generating staking assets. They could even be generated using proof of work or burning BTC. As the post points out BTC itself could be the staking asset. Anyways there's not really a "network" to "sustain" here as such, the staking asset is just being used as a Sybil prevention and penalty enforcement mechanism for the bridge protocol.
If they use proof of work then it would be called POW, birning what? Why would you burn precious BTCs? Wrapping Bitcoin on a proof of stake protocol is a big attack to Bitcoin and will prob fail.
Using proof of work for issuance of the staking asset is a separate process from staking itself.
As a provably-fair way of issuing the staking asset.
Based on your comments so far it seems that you don't really understand what you're talking about, so maybe save your opinions and confident predictions of failure for a topic you're better educated on.
Go ahead do whatever you want with Bitcoin, I don't care, I only hope you succeed!
Ok, but what would make staking legit in your eyes? Are there any models that could change your mind?
None imho, anything that doesn't require real world energy or work will steal your bitcoin in a long enough time range
are you replying to the right person?
I can't. I agree with you.
Interesting.
Interesting
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The first 8 minutes or so of this talk I gave at btc++ last year explains the motivation for working on bridges: https://yewtu.be/watch?v=M40yzuv6DNY
With that context in mind, Bitstake is a decentralized (and potentially more secure) alternative to the federated/permissioned bridges that exist today. If we accept that the motivation for bridges is sound, then it follows that finding a design that is more decentralized and secure is a worthwhile thing to work on.