With the coming of the so-called Bitcoin renaissance¹, the constant addition of new projects to the Bitcoin Layers website² and seeing the narrative shift surrounding scaling solutions where now everything is a Layer 2, and by everything I mean everything, even FIAT ³, I The PakoVM team have decided to play my cards and try to making money with an unworkable project find a solution for the liquidity problems of Lightning in the most responsible way and make my own layer 2, and this one comes with an interesting twist.
After months of nonstop research trying to solve Lightning's liquidity problems and offline limitations without introducing new OP_Codes into Bitcoin.
Opening and closing channels? Ditch that; Sidechains calling themselves Layer 2s? Who needs that?; Liquidity providers? None of that is needed here. We at PakoVM are the real deal!
Introducing PakoVM, Bitcoin's human Layer 2:
- To peg in all you have to do is send your sats to pako@lnaddress.com and DM
methe federation on Twitter/X @PakoVM. - After your transaction has been verified by our 1 or 1 multisig federated manual system, you'll receive pBTC, they are backed 1 to 1, so every single pBTC token is worth 1 Satoshis.
- These pBTC tokens can be exchanged with other
suckerspeople who don't need pBTC beforehand, nor to generate an invoice or a quasi-random address to accept them. - To peg out you have to DM
meour federation on Twitter/X @PakoVM and send the pBTC tokens back, after being manually review bymeour federation, you'll receive your sats back minus a small fee.
This innovative model allows us to move from an 8th layer⁴ to a 2nd, lateral to Lightning, making the pBTC tokens non-custodial because only you hold them, our setup only holds Satoshis, this also comes with the added benefit that you don't need to do constant backups of the state of your tokens, nor to hold those clumsy 12 word backups.
Disclaimers:
I am notThe PakoVM federation is not responsible for whatever use the person holding the pBTC tokens gives to them.- Pegging in or out might take a while
because I have a life. - The pegs of the pBTC token are blindly signed
meaning that I wait until nightfall, turn off the lights and close my eyes every time I sign the physical tokens. - The peg out fee might vary between 0,1 % and 99,99 %
depends on how you treat me that day IThe federation will never rug you.That last one might not be true.
Links:
1 - Lightning Labs' substack - The Bitcoin renaissance is in full swing
2 - Bitcoin Layers
3 - Post by X user kanemcgukin calling the USD "most powerful L2 available"
4 - Comment from Reddit user Th4ab on the Buttcoin subreddit stating that "The Layer 8 is where it's at. Just a guy who remembers how much money everybody has"