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Could Bitcoin eventually have a second layer for smart contracts paid in Sats?
80 sats \ 22 comments \ @allark 1 Aug 2022 bitcoin
Ethereum is slow, expensive and massively centralized with proof of stake.
And let's not get started on the other chains.
Lightning has quick speed, zero to miniscule fees and is a great example of a Layer 2 settlement.
Can this be done for smart contracts? :)
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75 sats \ 6 replies \ @DarthCoin 1 Aug 2022
You need to read more about LN - https://lightning.how and in special the ChainCode Labs documentation about LN. Lightning Network IS actually a smart contract layer. So your question is already answered.
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0 sats \ 5 replies \ @allark OP 1 Aug 2022
Interesting. Thanks for the resources.
So the problem is a lack of DApps and other Smart Contract DeFi solutions compared to Ethereum. IIUC
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2 sats \ 4 replies \ @DarthCoin 1 Aug 2022
all defi part is useless shit.
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11 sats \ 3 replies \ @allark OP 1 Aug 2022
Disagree.
Decentralized Exchanges are NOT useless.
And they are just One example.
Ignoring decentralization in everything BUT Bitcoin sounds useless.
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1 sat \ 0 replies \ @DarthCoin 1 Aug 2022
Define a DEX. DEX is not DeFi. You are very confused.
https://telegra.ph/LendingBorrowing-in-a-Bitcoin-world-07-05
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0 sats \ 1 reply \ @kilianbuhn 1 Aug 2022
Yeah but they don't need some blockchain or L2 or anything.
All shitcoin smart contract stuff can be done decentralized with Tor, PGP and/or torrenting.
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0 sats \ 0 replies \ @allark OP 1 Aug 2022
There was no NEED for the car, horses and carts were doing fine too. :)
Bitcoin succeeds because Satoshi understood that you have to make it easy to use for the average person without compromising base qualities.
If he followed the ethos above, there would be no Bitcoin. :)
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40 sats \ 1 reply \ @030f10e68b 1 Aug 2022 freebie
You need to read about RGB, https://www.rgbfaq.com/faq/what-is-rgb
there you can do all of these things without messing with the base layer
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0 sats \ 0 replies \ @allark OP 1 Aug 2022
Thank you! :)
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1 sat \ 2 replies \ @cryptocoin 1 Aug 2022
Yes, Bitcoin Is A Smart Contract Platform https://bitcoinmagazine.com/technical/why-bitcoin-smart-contract-platform
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50 sats \ 0 replies \ @captain_stacks 1 Aug 2022
This is playing with semantics, they are not in the same category. In common usage, a smart contract platform supports fully expressive smart contracts. It's better to be clear about the differences between Bitcoin and a smart contract execution platform and highlight the advantages of Bitcoin as a sound money.
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25 sats \ 0 replies \ @allark OP 1 Aug 2022
Awesome. Thank you! :)
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26 sats \ 3 replies \ @frostdragon 1 Aug 2022
Technically there’s no Layer 2 “settlement” - there are transactions, but settlement happens on the base layer. That only works because of smart contracts. If you’re talking about NFT’s you’d have to make a change to the base layer, which should be avoided at all costs IMO.
There’s a BIP being discussed at the moment to expand smart contracts to the base layer at the moment. Last I checked that wasn’t looking very likely, but it might happen with more time.
Here’s a summary of it:
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1 sat \ 1 reply \ @captain_stacks 1 Aug 2022
I wouldn't say that covenants fundamentally change the functionality of Bitcoin in terms of smart contracts. All they can do is place conditions on the spending of a UTXO. Bitcoin's "smart contracts" are not in the same category as Ethereum's: they are processed statelessly, there is no interaction between Bitcoin smart contracts. Even if Bitcoin script was replaced with a Turing complete language, these limitations still apply, and they keep Bitcoin safer and more decentralized. I don't see any layer 2 getting around these limitations, but sidechains might be able to, with the caveat of tradeoffs in the security.
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0 sats \ 0 replies \ @allark OP 1 Aug 2022
That's a very detailed reply. Thank you, will learn more about this. :)
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0 sats \ 0 replies \ @allark OP 1 Aug 2022
Don't want any changes to base layer. :)
But layer 2 solutions that allow us to bring decentralisation and freedom from centralized control would be cool.
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12 sats \ 1 reply \ @SHORT_TSLA 1 Aug 2022 freebie
It already does with rsk and liquid. Unfortunately most bitcoiners are so averse to smart contracts that these sidechains rarely get used :(
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1 sat \ 0 replies \ @allark OP 1 Aug 2022
Some of us are not averse |:)
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1 sat \ 1 reply \ @selfish_gene 1 Aug 2022
да
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0 sats \ 0 replies \ @allark OP 1 Aug 2022
спасибо
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1 sat \ 1 reply \ @cryptocoin 1 Aug 2022
Real-life examples of sidechains are Bitcoin’s Liquid Network and RootStock (RSK). Since both sidechains are tied to Bitcoin’s mainnet, only activities involving bitcoin are possible.
An Introduction to Sidechains https://www.coindesk.com/learn/an-introduction-to-sidechains https://archive.ph/OrRig
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25 sats \ 0 replies \ @allark OP 1 Aug 2022
Appreciate it! This is what I am curious about too. :)
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