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Building on Bitcoin

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BLOCKCHAINLAB SRL

on 2 July 2018

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Transcript of Building on Bitcoin

Leverage on Bitcoin:
general design
initial codebase

New resources:
specific asset issuance policy
more expressive contracts

Main issues:
need to bootstrap everything from scratch (for every asset!!!)
min. thresholds (hashrate, review/maintenance) difficult to reach
high incentives for scammers
asset issuance policy incompatible with mining incentives

Current examples:
none (few prehistoric examples but they really sucked!!!)
Giacomo Zucco
Theoretical physicist, former technology consultant, former "Bitcoin startupper"

Founder BHB Network & Blockchainlab(s)
E-mail:
giacomo@bhb.network
alekos@bhb.network

Twitter/Telegram/Whatever:
@giacomozucco
@afilini
Assets on Bitcoin.
Yes, ok, Financial Sovereignty and Cryptoanarchy are cool, but what about those CryptoKitties???!!

If you have a centralized issuer/redeemer anyway, why even bother with decentralization of transfers?

Even if you need some degree of decentralization, why build it on Bitcoin and not something more specialized/ad hoc?

Wouldn't that mess up with Bitcoin's resources (stress on full nodes, etc.) or game theory (economic incentives, etc.)?

This isn't a new idea at all! Why haven't previous attempts being successful so far? Why should it be any different now?
Your thoughts right now:
This time is different!
Idealized use-cases
Asset Independence


Asset Transparency


Asset Blindness


Asset Standardness
Digital Collectibles
A new designs to try

New market pressure

SegWit and the Lightning Network
Smart Rights
Provably "Honest" Rights
"Regulated" ;) Rights
Just Whatever

1. The Vape Pen Argument


2. The Djenga Argument


3. The Permissionless Stress-Test Argument


4. The Architectural Experiment Argument


5. The Bruce Fenton Argument
We all love Bruce!
The RGB Proposal
Asset-specific Alt-chains
Asset-enabled Side-chain
Asset-enabled Meta-chain
Colored-Coins Protocol
Assets in Bitcoin Consensus
CSV-Assets Protocol
Asset-enabled Alt-chain
Leverage on Bitcoin:
everything

Main issues:
let's not even list them, it doesn't matter: not going to happen!

Current examples:
no, seriously.
Leverage on Bitcoin:
general design
initial codebase

Main issues:
need to bootstrap everything from scratch (but just once)
min. hashrate threshold still difficult to reach
min. review/maintenance still difficult to reach
real decentralization difficult to achieve
even higher incentives for scammers (scamcoin)
scamcoin in direct competition vs bitcoin asset (long-term #rekt)
reduced privacy (small anonymity set per single asset)

Current examples:
Ethereum
Ravencoin
Leverage on Bitcoin:
hashing power*
reward/fee asset

New resources:
new storage/propagation network (possibly with new trade-offs)

Main issues:
reduced security
min. hashrate threshold still difficult to reach
min. review/maintenance still difficult to reach
controversial changes to Bitcoin needed*
reduced privacy (small anonymity set per single asset)*

Current examples:
BitAsset Drivechain
Confidential Assets over Liquid (*: some caveat here)
Leverage on Bitcoin:
hashing power
persistent storage / broadcast propagation

Main issues:
still high incentives for scammers (scamcoin)*
conflict for scarce space/bandwidth (bloating, fees, metadata)
no (pseudo)"SPV" model possible
min. review/maintenance still difficult to reach
real decentralization difficult to achieve
reduced privacy (small anonymity set per single asset)
easily broken compatibility, difficult maintenance

Current examples:
Omni
Counterparty (*: some caveat here)
Leverage on Bitcoin:
hashing power
persistent storage / broadcast propagation (no bloating)*
addresses/signatures/scripts/contracts
easier (pseudo)"SPV" model
bitcoin as the only native asset

Main issues:
amount problems (dust limit, large amounts, divisibility)*
no asset-specific complex contracts
reduced privacy (small anonymity set per single asset)
no place for metadata*
(pseudo)"SPV" still challenging*

Current examples:
Killerstorm's Order-based design, EPOBC
Colu (*: some caveat here)
Leverage on Bitcoin:
hashing power
addresses/signatures/scripts/contracts
bitcoin as the only native asset

New resources:
independent proof transmission
independent proof storage

Main issues:
difficult client-2-client proof transmission (off-line?)
difficult proof backups
still somehow reduced privacy due to op_return commitment?*

Current examples:
Ptodd's "Smart Coloring"
work in progress...(*: some caveat here)
CSV-style base design

Proofmarshal integration

Native integration with Lightning Network
"Colored" channels
"Colored" routing (with bitcoin liquidity)
LN-based "DEX"
Leverage of LN's need for independent backup (updates)
Leverage of LN's need for off-band transmission (updates)
Leverage of LN's need for more payee's information (invoices)
Various other "LN-friendly" optimizations
ELTOO/AMP compatible (hopefully...probably...almost certainly...)

Pay-to-contract commitments

Humble, open source, no profit, token-less, community oriented approach

A nostalgic Logo that makes you think at coin-ups (tokens!!!)
Asset issuance

"On-chain" asset Transfer

LN "Colored" channel creation

LN single-hop asset transfer

LN multi-hop transfer (DEX)

Proofmarshal transfer
I have no idea...
Pleas ask THIS guy:

(Also: weren't you
paying attention
during his speech
yesterday?
Shame on you!!!)
Issuer
Public Server
Blockchain
Contract
Commitment
Token
Example 1:
significant metadata
quantity: 1
divisibility: 1
issued to:
the address X of the
issuer himself

...like...a CryptoKitty!!!
Issuer
Public Server
Blockchain
Contract
Commitment
Tokens
Example 2:
signed commitment to do "something" in case of token-burn on address X
quantity: 1000
divisibility: 0.01
issued to:
whoever pays Y btc to
address Z before time T

...like...a Toke Sale!!!
Dumb ICO buyer
Payment to Issuer
Issuer
Public Server
Blockchain
Contract
Commitment
Tokens
Example 2:
signed commitment to do "something" in case of token-burn on address X
quantity: 1000
divisibility: 0.01
issued to:
whoever hodls Y btc
before time T

...like...an Airdrop!!!
Fork-coin dumper
UTXOs
Alice
RGB Servers S
Blockchain
Bob
Proofs
Invoice
Commitment
Token
Token
Invoice:
seal X tokens of type Y in address Z, send proofs to server set S
IMPORTANT ANNOUNCEMENT!!!
Criticize Ideas

Finalize Specifications

Write Production Code

Donate Money
https://github.com/rgb-org/spec
Introduction

RGB

Rainbow

Kaleidoskope

Lightning Network

Proofmarshal

Futuristic Ideas
Bifröst!!!
QUESTIONS/FEEDBACK/INSULTS:
Atomic interoperability with other standards:
Confidential Assets on Liquid
Counterparty
...


Some zk-Magic inside CSV-Proofs


Trusted Computing for contract enforcement
I'm going to talk about non-bitcoin assets "on top of Bitcoin"*


I will also present a new humble proposal we are just launching to try to converge around some best practices and standards:
*: I will try to clarify this expression during the talk
In the following minutes, I will try to address some of those concerns and to convince you that it's a very good idea to put time, effort, skills and money, right now, into a standard for non-bitcoin assets on top of Bitcoin...
...then I will fail miserably in my attempt to convince you ... but I will go on presenting the proposal anyway, and you will NOT leave the room (please), because I've got 5 "backup arguments"!!!
Review of past attempts
Asset-specific Alt-chains
Asset-enabled Alt-chain
Asset-enabled Side-chain
Asset-enabled Meta-chain
Colored-Coins Protocol
Assets in Bitcoin Consensus
CSV-Assets Protocol
Contract
Contract
Alice
Blockchain
Bob
Proofs
Commitment
Token
Connection Request
Channel Negotiation
Funding Transaction
Alice
Bob
Proofs
Token
Invoice
Channel Update
Token
Alice
Bob
Proofs
Token
Invoice
HLTC Update
Token
Carol
Dan
Erin
HELP NEEDED!!!
Alice
Bob
Proofs
Token
HLTC Update
Carol
Dan
Tokens
Erin
Full transcript