"Take the idea of proof-of-stake as a base layer consensus mechanism, and throw the idea away for right now. That's not what this is, and the problems that need to be solved to enable proof-of-stake as a second layer system instead of a stand alone base layer are not the same. #Proof-of-stake is essentially a #federation, but where anyone can join and can't be stopped from doing so, and with a mechanism to punish members for acting malicious. As a base layer that creates all kinds of existential issues, like the objectivity of a slashing penalty. Proof-of-stake as a second layer does not have that problem when the bonds for slashing are on the main chain, governed by proof-of-work."
We have a new addition to the sidechain discussion with the announcement of "Spiderchains," a novel approach to the peg in/out model. Enalbing a proof of stake system that uses the underlying Bitcoin chain as the ultimate source of time and finality. The interesting thing? Not a single change to Bitcoin is necessary to make it work, so one way or the other, it's going to happen. Find out more...
Check out the original article at: Spiderchains, a Proof of Stake L2
Lopp's Spiderchain Article: An Introduction to Spiderchain
Bitcoin Audible: Read 562 - Only the Strong Survive - Part 1 [Allen Farrington & Big Al]
You can support the show by checking out our sponsors!
---------------------------------------------------------------------------------------
"If the doors of perception were cleansed, everything would appear to man as it is - infinite." — William Blake
--- Send in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/messageAn excellent chat today with 2 brilliant, bullish, & amazing writers in the Bitcoin space. Andy Edstrom, author of "Why Buy Bitcoin," and Knut...
"DLCs are uniquely positioned to bring smart contracting to Bitcoin using oracle contracts that are much more private and scalable than previously thought possible."...
"This context highlights the importance of the 1920–1921 depression. Here the government and Fed did the exact opposite of what the experts now recommend....