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The Bitcoin Social Network
A decentralized system is proposed to resolve the escalating transaction costs for Bitcoin transactions, from increasing demand in extra information being saved on the Bitcoin Network. This system intends to minimize the transaction fee (satoshis/byte), finalty times, and node storage requirements on the Bitcoin network, without a centralized architecture. By utilizing recent Bitcoin Taproot and Ethereum upgrades, transaction can be bundled into succinct zero-knowledge proofs on Layer Two Rollups, dramatically reducing the burden on the Bitcoin blockchain, leading to much faster, more affordable, and much less energy intensive transactions. Additionally, by utilizing Nostr compliant event signatures, a trusted and efficient way of storing large amounts of off-chain data, linked to on-chain transactions on the Bitcoin network can minimize the burden of regular Bitcoin node operators. This is accomplished through a series of already proven cryptographic techniques and audited smart contracts that impose proper behavior and protect against abuse. By integrating Bitcoin, Ethereum, and Nostr, this decentralized system makes every effort to revolutionize the cryptocurrency ecosystem, making it much more scalable, affordable, and resistant to congestion, ultimately unlocking the potential of decentralized social networks on Bitcoin, for a much more united Earth.
Read the Whitepaper
A decentralized system is proposed to resolve the escalating transaction costs for Bitcoin transactions, from increasing demand in extra information being saved on the Bitcoin Network. This system intends to minimize the transaction fee (satoshis/byte), finalty times, and node storage requirements on the Bitcoin network, without a centralized architecture. By utilizing recent Bitcoin Taproot and Ethereum upgrades, transaction can be bundled into succinct zero-knowledge proofs on Layer Two Rollups, dramatically reducing the burden on the Bitcoin blockchain, leading to much faster, more affordable, and much less energy intensive transactions. Additionally, by utilizing Nostr compliant event signatures, a trusted and efficient way of storing large amounts of off-chain data, linked to on-chain transactions on the Bitcoin network can minimize the burden of regular Bitcoin node operators. This is accomplished through a series of already proven cryptographic techniques and audited smart contracts that impose proper behavior and protect against abuse. By integrating Bitcoin, Ethereum, and Nostr, this decentralized system makes every effort to revolutionize the cryptocurrency ecosystem, making it much more scalable, affordable, and resistant to congestion, ultimately unlocking the potential of decentralized social networks on Bitcoin, for a much more united Earth.
Read the Whitepaper
This makes for somewhat interesting reading. I already have most of this built into a Web3 dwebsite, though and will be releasing it to the general public over the next couple of weeks after everything is rigorously and thoroughly tested. To be fair, it is actually an awesomely great idea but I thought of it already and have the Web3 platform for it nearing completion.
