WHAT IF THE SOLUTION TO BTC MICRO PAYMENTS INCLUDED A TOKEN?

[darcon_pr]

Hello guys,

Let's say there is a platform being developed which aims to achieve for BTC
what the lightning network has not been able to achieve so far. It also
adds a lot of other security features to the BTC network but, in order to work
it needs to have a token.

Would you support it just as you have supported the lightning network?

These are the features the platform provides for the BTC network and how it works:

Decentralizing security and fraud prevention on the Bitcoin Core network.

The platform works by check-marking security metadata in to the official,
non-forked, Bitcoin Core blockchain. This allows for a native implementation of a
white-list and blacklist data to be validated on the BTC network, without the need
to store the data itself on-chain (a very expensive and time-consuming proposition.)

The platform connects this security data stored on the Bitcoin chain with data fully
stored on the Ethereum chain. This is verified by hashing the latest check-marked data
from the Ethereum chain and comparing within the wallet software for validity.
This allows for the implementation of a security featured SDK, while also adding support
for BTC addresses in P2PKH, P2SH, and P2WPKH formats for both legacy and segwit address support.

How micro payment transactions work.

The platform works by utilizing payment sifters, a feature invented as part of the Platform family of software.
Payment sifters collect non-personalized metadata on a paying customer, creating an
access fingerprint, and perform escrow functions with no custody taken by any single party.
The fingerprint is relayed to the merchant in order to produce a unique payment address on the fly.

Once an order is ready for checkout, the network uses this sifter to hold the funds in
escrow in a decentralized smart contract, while the merchant is free to deliver their product
without concern for failed payments, block confirmation times, or any of the standard issues
facing blockchains today. The network consumes the token as a fee to power this whole process
and prevent spamming or Sybil attacks.

To be clear: This is NOT a fork, and it is not a new bitcoin client. This is a set of software development
libraries that enables a smart contract system to interface with Bitcoin by utilizing a security featured SDK.

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[pooya87]

on the Bitcoin Core network

there is no such thing as "bitcoin core" network. there is a peer to peer "bitcoin" network that bitcoin core as one of the implementations (aka the reference implementation) is connected to.

The platform connects this security data stored on the Bitcoin chain with data fully stored on the Ethereum chain.

i don't trust ethereum blockchain, it is neither safe nor immutable not to mention it is centralized. any data that is stored there could vanish if the owners of it decided they want to do another roll back or change the blockchain in any way that suited them.
you can't combine the immutable secure and decentralized bitcoin with anything that is not on the same level.

[hatshepsut93]

Let's say there is a platform being developed which aims to achieve for BTC
what the lightning network has not been able to achieve so far.

Lightning Network has been available on mainnet for a year already, and some actual services use it. It's still in beta, but eventually it will be released officially. So, we already have a solution to scalability and micropayments that just needs more poishing, why should we work in this new direction, especially since Ethereum is far behind in terms of its own scalability solutions, plus it's known for being more bug-prone and centralized.

[pakhitheboss]

Hello guys,

Let's say there is a platform being developed which aims to achieve for BTC
what the lightning network has not been able to achieve so far. It also
adds a lot of other security features to the BTC network but, in order to work
it needs to have a token.

Would you support it just as you have supported the lightning network?

These are the features the platform provides for the BTC network and how it works:

Decentralizing security and fraud prevention on the Bitcoin Core network.

The platform works by check-marking security metadata in to the official,
non-forked, Bitcoin Core blockchain. This allows for a native implementation of a
white-list and blacklist data to be validated on the BTC network, without the need
to store the data itself on-chain (a very expensive and time-consuming proposition.)

The platform connects this security data stored on the Bitcoin chain with data fully
stored on the Ethereum chain. This is verified by hashing the latest check-marked data
from the Ethereum chain and comparing within the wallet software for validity.
This allows for the implementation of a security featured SDK, while also adding support

for BTC addresses in P2PKH, P2SH, and P2WPKH formats for both legacy and segwit address support.

How micro payment transactions work.

The platform works by utilizing payment sifters, a feature invented as part of the Platform family of software.
Payment sifters collect non-personalized metadata on a paying customer, creating an
access fingerprint, and perform escrow functions with no custody taken by any single party.
The fingerprint is relayed to the merchant in order to produce a unique payment address on the fly.

Once an order is ready for checkout, the network uses this sifter to hold the funds in
escrow in a decentralized smart contract, while the merchant is free to deliver their product
without concern for failed payments, block confirmation times, or any of the standard issues
facing blockchains today. The network consumes the token as a fee to power this whole process
and prevent spamming or Sybil attacks.

To be clear: This is NOT a fork, and it is not a new bitcoin client. This is a set of software development
libraries that enables a smart contract system to interface with Bitcoin by utilizing a security featured SDK.

What makes you think your project will be better than the lightning network?
I have observing this project when it initially started, why should I move to anything new now.
I know it will be a success after its official release so thank but. no thanks..

[davis196]

The network consumes the token as a fee to power this whole process
and prevent spamming or Sybil attacks.

What token are you talking about?You say that this is not fork and not a new bitcoin client.What token?
Can you explain the process in a simple way,so that the people without technical blockchain knowledge understand what you are saying?If the escrow is with "no custody taken by any single party" then will the funds be released without the permission of the buyer?I'm kinda confused with your project,OP.

[TheNewAnon135246]

Easier still use an altcoin designed for micropayments. 
There are many to choose from. 

None of the altcoins offer the same level of decentralization and network security. https://howmanyconfs.com/ is a great example to show how insecure shitcoins truly are.

Lightning Network already works pretty well for merchants. There is still lot to improve but Bitcoin is relatively young compared to the current monetary system. Shitcoin shillers will use this to push their repetitive narrative about LN. https://www.arnhembitcoinstad.nl/ is a great example how an entire city is starting to adopt Bitcoin/Lightning Network payments.

[TheNewAnon135246]

Litecoin is just as secure as bitcoin,

Confused people think the hashrate matters, it does not as long as the miners waste security joining PoW pools,
giving all of the power to the Pool Operator.

Only 4 mining pools operators secure bitcoin from 51% attacks regardless of the energy wasted.
Only 4 mining pool operators secure litecoin from 51% attacks regardless of the energy wasted.

*Most PoS coins have alot more than 4 people securing their coins. *  

Wrong on so many levels.

Bitcoin is the shitcoin losing over $12k per coin, since Jan 2018
Bitcoin is the #1 Shitcoin that has made the most people declare bankruptcy.
Bitcoin is the Biggest Shitcoin of all!
Lost $1400 in just the past few weeks.

While most shitcoin have reached their ATL, Bitcoin is still up $1,400 YTD.

At the next halving there will be another massive round of bankruptcies by miners.
Hardly a success, when the majority involved go broke.

Just like the last two halvings?

Bitcoin Bubble popped. Ponsi is over , just the crying is left.

The only ones crying are the shitcoin shills, such as yourself.

LN=Banking 2.0, If you going to use a Bank might as well use the normal banking system and quit lying to yourself.

FYI:
Altcoins not using segwit/LN are the last best hope for Satoshi's dream to be realized.

LN/bitcoin users can just enjoy being slaves to the middleman/banks , what Satoshi wanted to free us from.  

Altcoin Ethereum processes more transactions on a daily basis than the dying bitcoin core shitcoin does.

There are plenty of posts/emails showing that both Satoshi (not Craig, but the actual Satoshi), and people who were involved early, figured out that scaling would be better on a different layer.

As I said before, go back to MetaNet and post your delusional nonsense there.

[pooya87]

How is it centralized? Are you meaning the low numbers of full nodes? I don't think that equates to centralized, and as time goes on nodes should be easier and cheaper to setup.

calling number of ethereum nodes "low" is an overstatement. there are only a handful of full nodes that are run by services such as block explorers. the rest of the network are running something that is far from being "full" otherwise they would have to download and verify more than 3.2 terabytes of blockchain data as that is the actual size of ETH blockchain. as time goes by this situation becomes worse and worse specially when there are super hyped up periods of time where ICO scams are heated.