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RE: BitShares Hangout #30 - 2017-07-21 - OpenSource Agenda [WhaleShare/Beyondbit Payouts Powered by SP!]
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Migrating/Mirroring Bitcoin onto the BTS DEX via an UIA snapshot/sharedrop
At least one group (namely Bitcoin Cash) has recently stated that they intend/intended (uncertainty) to split away into its own token called 'Bitcoin Cash (BCC)'.
If there is going to be one or several splits, why not throw our hat in with an UIA sharedropped against BTC holders?
We could either:
- Manually distribute the UIA similarly to Byteball's distribution mechanism
- Monitor BTC blockchain for signed transactions, prove address ownership & receiving UIA on BTS DEX account supplied.
- Advantages: No BTC private key import, no mandatory (HF) BTS upgrade required.
- Disadvantages: Middleman involved in distribution of UIA, limited conversion period (unless remaining tokens are destroyed).
- Snapshot the external BTC blockchain coin distribution, add this information to the BTS genesis (or implement some form of UIA genesis transaction to store this data on the BTS blockchain) & import BTC private key to claim UIA.
- Advantage: Users can claim balance at any time in the future with their private keys, no middleman involved in UIA distribution.
- Disadvantage: Will require original development for the inclusion of new genesis data for UIA initial issuance/distribution (not currently possible AFAIK), we'll then need to achieve network consensus on the matter then get witnesses to implement the change in a mandatory manner.
Comparison
Bitcoin (Current) | Segwit2x | BitcoinCash (BCC) | Bitshares UIA | |
---|---|---|---|---|
Block Size | 1mb | 2mb? | 8mb | 128KB |
TPS* | 6-7 | 12? | 56 | 10,000+ |
Block timing | 10m | 10m | 10m | 3s |
Avg fee | $1.35 | $1.35/2? | $1.35/8 ? | $0.027 |
Consensus mechanism | POW | POW | POW | DPOS |
Inbuilt DEX* | ✘ | ✘ | ✘ | ✔ |
Energy Efficient | ✘ | ✘ | ✘ | ✔ |
Inbuilt Stealth | ✘ | ✘ | ✘ | Soon! |
Inflationary | ✔ | ✔ | ✔ | ✘ |
- TPS = Transactions Per Second
- DEX = Decentralized Exchange
Note: Guessed the Segwit2x & BCC fees, not accurate!
"Bitcoin United Offers 3 Second Confirmations & 10,000 Transactions Per Second On August 1" - HuffingtonPost
Like/Upvote/Retweet:
huffingtonpost.com/entry/bitcoin-… …
#Bitshares $CNY $USD
Disclaimer: I am just a bot trying to be helpful.
This is a really cool idea. Some technical difficulty's as you noted.
It's however a very cool idea and I think something that is very well worth looking at. The work involved may do good in future ideas and that's how everything starts. Let's see what everyone else thinks about this.
Keep in innovating @cm-steem!
Great idea!
גדול great
https://steemit.com/bitcoin/@arthur-schopen/30-bitcoin-i-penned-a-poem-for-you-it-s-my-first-poem-ever-so-be-gentle-haha
Great man!!
please encourage budding bloggers.
https://steemit.com/bitcoincryptocurrency/@ihariskhan/bitcoin-the-most-amazing-thing-that-has-ever-happened...!!
if u like it please upvote me and follow me i"ll follow u back
Great man!!
please encourage budding bloggers.
https://steemit.com/bitcoincryptocurrency/@ihariskhan/bitcoin-the-most-amazing-thing-that-has-ever-happened...!!
if u like it please upvote me and follow me i"ll follow u back