Great updates! Whats the difference from a wrapped BTC and a 5 sec BTC transfer with Egem Sapphire? Do you send a real BTC in 5 seconds?
thanks again. cheers
Wrapped BTC is not BTC but a substitute for BTC that requires you to get it from the wrapped source right?
"wBTC is a BTC-backed ERC20 token. Each wBTC in circulation is backed 1:1 by Bitcoin and is held in cold storage by BitGo, the first qualified custodian purpose-built for storing digital assets"
that is the quote from
https://coinlist.co/asset/wrapped-bitcoin?gclid=Cj0KCQjw-af6BRC5ARIsAALPIlUIDv2SlDLejgxGfOnjXci3g7rjw42lPekMmmBMe3_pbLj6G0apUIgaAvbeEALw_wcBso sure you can send it to another party as fast as the blockchain it is wrapped on, but then when you want to withdraw that BTC to your BTC wallet or the receiver wants to spend it as BTC they have to wait 30 minutes (3 confirms) for the "unwrap" of that WBTC to get their actual BTC in their BTC wallet on the BTC chain and pay a fee. (I' not even going to talk about the part where its held by a custodian of sorts)
Now let's compare and contrast that to the 5 second BTC idea. The 5 second BTC idea follows this principle in life:
"own nothing and control everything"so what that means is you actually don't have ownership of the BTC private key but it is stored in such a way that you control it with your EGEM account. So what good is that? Well, you could sign a transaction that sends that BTC to any BTC wallet you want to and it happens because you control access to that private key even though you don't have it in your possession. Okay so great we can send some BTC using a wrapped wallet that listens to our EGEM private key. What good is that?
so the next principle in your answer is this:
"Make that control transferable in part or whole"So, that means you have another option with your BTC is you can transfer control of that BTC to another party in whole or part. This means you can prove that you don't have access to that BTC pk any more with your egem wallet and someone else (whoever you transferred it to) does. And the whole or part means they have access to the unspent satoshis they own, because you might only be transferring half of your stash to them on BTC. So its not even just control but specific control of the parts that make up the BTC. Using this approach a transfer is instant when its recorded so as long as you can use the next principle I am going to mention (below) you can transfer as fast as the host block chain can record that transfer which iin our case is a goal of 5 seconds. You did not have to move the bitcoin to have the new owner get real bitcoin on the real bitcoin chain in their wallet and pretty much that is immediately done. The receiver has full control over this bitcoin to send it wherever they want and they did not have to wait for any confirms on the BTC block chain, they can prove that the balance is there on the BTC block chain and that they own it, so that is a real BTC transfer of ownership in almost an immediate (in this case 5 second) event.
So then what is that last principle?
"Post and Prove it in the wide open on chain public"This is where sapphire chain comes in because you have the ability(and the person you are trading with or transferring to has the ability) to run functions that prove publicly that you dont have the private key for the BTC you traded them and that they do not have it either but that they control it and you don't.
And, finally we do this by using native functionality to the block chain which is this: signed messages. It works since beginning of time, just ask Craig Wright about the ability to fake a signed message from a BTC address. He could not do it on bitcoin and he can't do it on a respectable block chain. So this is the accepted standard for proof of ownership.
This snippets are from an upcoming article I will eventually ffinish and post called
"How to start a truly decentralized bank on EGEM" and it deals specifically with why this is the method I chose to implement transfers.
Sapphire is truly decentralized on chain experience and we are getting close. If you like what you read, please come to discord.egem.io and find the #sfrx-chat channel and stop by. We have a GPU miner starting to show in tests and the chain is getting close to an initial fielding. This is after over two years of work. We are not fly by nighters, but are going to be working on this until it goes live. You have a chance to participate in it with us at egem.io and see all the other stuff we have as part of this ecosystem including nodes and bot interaction, mining on older GPUs, a great eth core, a multi currency mobile wallet, and more.
