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#3: Bitcoin is integrated to a side chain called RSK, which is Turing-Complete (like ethereum), and by using a Hardware Security Module architecture, up to 40% of the biotcoin miners lock the bitcoins to be issued in the side of RSK, in an algorithm called "the bridge", you can retrieve your bitcoin through this bridge by the smart contract by the RSK side. For more info take a look on the technical documentation about RSK: https://developers.rsk.co/rsk/rbtc/conversion/networks/mainnet/Just to clarify, the miners secure the chain via Bitcoin poW. There is no hardware module involved. Also, its much more than 40% of the miners. Right now, its between 60-70%. |
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On user interface, you can help out. We have a whole channel on our discord ( https://discord.gg/QErxPYG) dedicated to user testing and feedback. We are currently working on a new, improved UI and will be rolling that out soon. As for fees, I expect they will be 2 orders of magnitude lower than current Ethereum fees. |
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Don't misunderstand me, reading your posts is like going back to the (merkle)roots, which is good. Grin We need to get back to the original sense of innovation and adventure. |
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By the way, I managed to withdraw everything from Bitmex before going through the latest KYC/AML doorway. Anybody still keeping funds with them must complete identification before they can trade, deposit or withdraw.
same story with Bitstamp some time ago (don't remember which year it was). Bitstamp switched to KYC/AML. Still looking for a DEX that allows trading pairs of BTC:USD, BCH:USD, and/or BSV:USD, and is actually... you know... decentralized. Suggestions? a bit late but theres this new project that working on a bitcoin native (not on ethereum) decentralized exchange, your keys your coin and its gonna have leverage upto 20x, its pretty early in the stages tho Weird. Last time I heard anything from Edan Yago, he was telling us at Bitcoin 2013 San Jose Conference about a micronation he was in negotiations with a host nation to allow within their borders. OK, not really a micronation, but an Economic Autonomous Zone. As history hath shewn, it never really came to pass. Dude... you gotta check this out: https://prospera.hn/Real change takes time - it's not Sushi... |
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Thanks. We will look into that!
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Hi all, we are working on Sovryn. It is a Bitcoin-native protocol for Spot trading, margin trading, lending and borrowing. It is designed to be non-custodial, no KYC and uncensorable. We would really appreciate it if you went to the trouble of trying it out on testate and letting us know how we can improve the interface. Thanks! Link to the tutorial can be found here: https://medium.com/sovryn/how-to-test-sovryn-on-testnet-a1e41b11e128The Sovryn feedback forum is here: https://discord.gg/KYccTSm |
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It wouldn't surprise me if, in the not too distant future, Bitcoin defi (or sovrynomics), will exceed that of Ethereum. Bitcoin "marketcap" is an order of magnitude greater than that of Ethereum. There is simply a much larger pool of funds that could flow into the decentralised Bitcoin economy once it get's going. The technology to allow this to happen is here. This is a big reason I am so excited to be working on Sovryn.
It's not only Sovryn. Bisq and Hodl Hodl are seeing big increases in volume and are perfect decentralised P2P gateways into crypto. Money On Chain have created the first Bitcoin-backed stablecoin, and I am sure there will be many others.
Decentralised services for Bitcoin are at the beginning of a renaissance and I think the whole space could change over the next year or two.
IF somehow Bitcoin can be superior to Ethereum in this new DeFi stuff, is there any way to make it easier? Because if I understand correctly, your average Joe won't be able to join the hype without understanding Ethereum in the first place. Easier thing brings more people, which is generally good for Bitcoin. This is a great question. Sovryn is working on a number of innovation to make it much easier. We want to make it possible to use the system directly from any Bitcoin wallet, and no need to understand Metamask or anything like that. We will start user testing pretty soon. Would be great to get your feedback on the system. |
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Can you explain to me how Avalanche will create use cases for Bitcoin? It's a different chain. How is it more connected to Bitcoin than the many other altcoin chains?
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This obsession with finding Satoshi is unbecoming. If we believe in privacy, we must extend that right to privacy to Satoshi.
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Regarding Bitcoin as a sovereign, I haven't heard this one before. The idea that Bitcoin is Sovereign is an old one, and should have more traction. One of the most AMAZING dramas in Bitcoin was around this. Mircea Popescu, a great but forgotten Bitcoin trolls was running an exchange called MPEx. Erik Voorhees listed SatoshiDice shares on MPEx, and after a while the SEC came knocking. They emailed Mircea demanding information. The result was a hilarious email thread with the SEC.Some of the gems from that conversation: - SEC asks to speak on the phone, Mircea suggest #bitcoin-assets on Freenode instead. - SEC asks for information again, Mircea politely requests they "sufficiently establish your authority to do so"first. - SEC send him a formal letter, Mircea says he appreciates their efforts, but actually they need to prove that he or they have any authority over Bitcoin. The whole thing ends with: "Bitcoin is a sovereign". ...but don't let me ruin it for you, read the whole thing. |
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I lost access to my original BitcoinTalk user a long time ago, but I have created a new one for this. I have been corresponding with Ororo for a while now and have joined Team Sovryn. For years I have been wishing for, and sometimes working toward, having alternatives to exchanges that were almost as decentralised as Bitcoin itself. I simply loath to submit my Bitcoin to someone else's control and my views on the absolute idiocy of KYC are, I think, well known.
It's time for Bitcoin to have decentralised alternatives. I think the tech is finally here.
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