printf("Hello, World!");
What are your thoughts on Drivechain and associated BIPs?
This article compares Liquid and Lightning:
https://blog.liquid.net/six-differences-between-liquid-and-lightning/. Two
things from it that I am interested in while evaluating Drivechain:
1.Trust model
2.On-Ramps and Off-Ramps
Other things:
1.Security of Bitcoin (Layer 1)
2.Bitcoin transactions and fees expected on layer 1 because of Drivechain
Similarities and Differences between RSK and Ethereum:
https://medium.com/iovlabs-innovation-stories/similarities-and-differences-between-rsk-and-ethereum-e480655eff37
Paul Sztorc had mentioned few things about fees in this video:
https://youtu.be/oga8Pwbq9M0?t=481 I am interested to know same for LN, Liquid
and Rootstock as well so asked a question on Bitcoin Stackexchange today:
https://bitcoin.stackexchange.com/questions/109466/bitcoin-transactions-associated-with-layer-2-projects
Two critiques are mentioned here:
https://www.drivechain.info/peer-review/peer-review-new/ with lot of names. I
don't agree with everything mentioned on project website although any comments
on technical things that can help Bitcoin and Bitcoin projects will be great.
Why discuss here and not on Twitter?
1.Twitter is not the best place for such discussions. There are some
interesting threads but Its mostly used for followers, likes, retweets etc. and
people can write anything for it.
2.Avoid misinformation, controversies etc.
My personal opinion:
We should encourage sidechain projects. I don't know much about Drivechain to
form a strong opinion but concept looks good which can help in making better
sidechains.
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The website used in the slides of above YouTube video is misleading for few
reasons:
1.Blocks mined everyday (in MB) for Bitcoin is ~150 MB. It is ~600 MB for
Ethereum. Block limits for Bitcoin is ~4 MB per 10 minutes and ~500 MB for
Ethereum. If full nodes will be run by few organizations on AWS we can
basically do everything on chain. However the main goal isn't too make money
and create an illusion to do something innovative, primary goal was/is
decentralized network that allows settlement of payments.
2.Bitcoin uses UTXO model while Ethereum uses Account model. Basic difference
in transactions for two is explained in an article
https://coinmetrics.io/on-data-and-certainty/. Irony is the website in the
slides for screenshot is using Coinmetrics API and this misleading website is
even shared by Coinmetrics team on Twitter. So in some cases you are doing more
transactions, paying more fees for work which could have been done with less.
Inefficiency.
3.Failed transactions paying fees on Ethereum everyday, no such transactions on
Bitcoin.
4.Other improvements that affect fees: Segwit, Layer 2, Batching, UTXO
consolidation, Fee estimation, Coin selection, Exchanges, Wallets etc.
--
Prayank
A3B1 E430 2298 178F
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