Using Spacechains and Fedimint to solve scaling
Using Spacechains and Fedimint to solve scaling
What if instead of trying to create complicated “layer 2” setups involving noveau cryptographic techniques we just did the following:
- we take that Fedimint source code and remove the “mint” stuff, and just use their federation stuff secure coins with multisig;
- then we make a spacechain;
- and we make the federations issue multisig-btc tokens on it;
- and then we put some uniswap-like thing in there to allow these tokens to be exchanged freely.
Why?
The recent spike in fees caused by Ordinals and BRC-20 shitcoinery has shown that Lightning isn’t a silver bullet. Channels are too fragile, it costs a lot to open a channel under a high fee environment, to run a routing node and so on.
People who want to keep using Lightning are instead flocking to the big Lightning custodial providers: WalletofSatoshi, ZEBEDEE, OpenNode and so on. We could leverage that trust people have in these companies (and individuals) operating shadow Lightning providers and turn each of these into a btc-token issuer. Each issue their own token, transactions flow freely. Each person can hold only assets from the issuers they trust more.
Published at
2024-01-14 14:55:28Event JSON
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"content": "\n# Using Spacechains and Fedimint to solve scaling\n\nWhat if instead of trying to create complicated \"layer 2\" setups involving noveau cryptographic techniques we just did the following:\n\n- we take that Fedimint source code and remove the \"mint\" stuff, and just use their federation stuff secure coins with multisig;\n- then we make a spacechain;\n- and we make the federations issue multisig-btc tokens on it;\n- and then we put some uniswap-like thing in there to allow these tokens to be exchanged freely.\n\n## Why?\n\nThe recent spike in fees caused by Ordinals and BRC-20 shitcoinery has shown that Lightning isn't a silver bullet. Channels are too fragile, it costs a lot to open a channel under a high fee environment, to run a routing node and so on.\n\nPeople who want to keep using Lightning are instead flocking to the big Lightning custodial providers: WalletofSatoshi, ZEBEDEE, OpenNode and so on. We could leverage that trust people have in these companies (and individuals) operating shadow Lightning providers and turn each of these into a btc-token issuer. Each issue their own token, transactions flow freely. Each person can hold only assets from the issuers they trust more.\n",
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