Migrating Bitcoin onto the BTS DEX via UIA snapshot/sharedrop?
Migrating BTC onto the BTS DEX via an UIA sharedrop?!
With the 1st August deadline looming in the near future there seems to be multiple blockchain splits due to the scaling problem that's plagued BTC for years with no solution.
BTC Is going to split into multiple tokens?
Yes! At least one group has stated that they intend to split into their own chain regardless of network consensus for the other solutions, it's worth some further research:
- Bitcoin Cash (BTCABC)
- Aug 1st HF
- Segwit2x imminent activation
- UASF/UAHF vs Segwit & Emergent Consensus
- Monitor current Bitcoin network consensus/activation for Segwit vs Emergent Consensus on coin.dance!
- Know of relevant information/examples? Comment below.
If there are going to be 2-3 splits from BTC, then let's throw in a 4th!
Today in the Bitshares Telegram group, several users including myself discussed the potential of providing BTC holders a third/fourth BTC split option - an UIA on the BTS DEX, distributed via a snapshot of the BTC blockchain prior to 1st Aug deadline & distributed via sharedrop (claimable via import of private key at a later date).
BTC Split comparison (WIP)
| 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!
Advantages of a Bitshares BTC UIA:
- Far greater capacity, scalability and speed than the 3 forks of Bitcoin combined! (7-30 TPS vs 10k+ TPS & 10m block times vs 3 sec block times!)
- If we do not issue the tokens remaining to be mined (21m total planned) then the BTC UIA would not be inflationary in comparison to the 3 forks, better for existing holders.
- Far reduced network consensus environmental pollution/harm - DPOS vs POW.
- Running a Bitshares web wallet or light client does not require downloading the entire blockchain.
- BTC services which integrate Bitshares will have access to not just the BTC UIA but to the entire BTS DEX (increased usage of MPAs).
- Ability to trade the BTC token in a decentralized manner within the client against any other token with no middlemen (besides potentially gateways).
- Users with holdings in addresses smaller than the current average network transfer fee on the bitcoin network will be able to move these funds once imported on the BTS DEX, as network fees are very small!
- Providing this option to all BTC holders will potentially recruit a significant number of users to the BTS DEX.
- No need for further BTC development nor network maintenance, no need to worry about centralized POW risks in the future.
Disadvantage of a BTS BTC UIA:
- Existing Bitcoin services will need to integrate the Bitshares DEX instead of a Bitcoin based client which may pose a temporary development roadblock (slight learning curve).
- No mining (bad if you've invested heavily in mining), however I've seen several rumours that one of the BTC splits may change POW mechanism.
- Can you think of any? I can't..
How?
- Step 1: Perform snapshot of BTC distribution prior to Aug 1st deadline.
- Step 2: Include BTC snapshot genesis data, so as to enable claiming of balances once an user imports their BTC private keys.
Further research is required for step 2, there will likely however be bounties and or worker proposals for this work if interested!
Thoughts?
What do you think?
Would you use a supercharged BTC UIA on the BTS DEX over the several upcoming BTC splits?
Should the total planned BTC supply (~21m) be issued proportionally to current BTC holders, or should they simply cease to exist & the current BTC distribution will become the final supply (zero inflation compared to other BTC splits).
Relevant reading
Best regards,
@cm-steem
Nice writeup. We are serious about this... unless someone can talk us out of it in the next 24 hours the PR team will be unleashed.
Anyone with solid information about how the other altBTCs will perform in transaction time, transactions per second, governance, and other features please educate us here. I want to make a comparison table.
Updated the post to be more accurate & included a brief feature/spec comparison table.
I think that if possible, it's a great idea! If we can improve documentation and procedures for performing this snapshot/sharedrop for an UIA we'll likely begin a trend of cryptocurrencies upgrading their technology in this same manner!
Awesome work! What a way to dramatize the differences!
Yes, and assuming that Bitshares 3.0 will run on EOS, each migrated project will benefit from parallel processing and unlimited TX/sec.
Exactly my thoughts. EOS tech brings value to Steem and Bitshares. In Dan's talk about EOS he talked about needing to increase the tx per second into the millions range.
I think Bitshares might be the most undervalued crypto on the market right now.
@cm-steem - @stan and I are ALL over this.
This is the best thing that could happen to Bitcoin and crypto. Solves all scaling, centralization and useability issues instantly. Please, please do this!
If you haven't used Bitshares or the DEX yet I can tell you that if Bitcoin worked like Bitshares it would increase the adoption rate 1000000000% practically overnight. You could send/confirm Bitcoin in three (3) seconds and it would be a very useable currency.
Bitcoin could do 10,000 transactions per second right now, scale to 100,000 TPS in a matter of days if needed and then, when Bitshares migrates to EOS, scale indefinitely.
And then there's the exchange. Never again would anyone be Goxed, no Polo random disabling of token withdrawals. You can keep your coins in your wallet, which is the same as the exchange. It is what crypto is meant to be.
Bitcoin currently wastes millions if not billions of dollars worth of electricity to provide security via POW mining, which is completely unnecessary. A few years ago it was unknown whether DPOS was viable, but at 800,000 operations/transactions per day DPOS is working much, much better than POW. This would allows us to stop polluting and wasting electricity and get rid of the mining cartel!
Instead of wasting billions on electricity, Bitshares collects transaction revenue in a reserve pool and uses it to pay for maintenance and development. This would allow the Bitcoin core developers to be paid a fair wage for their work, directly from the reserve pool (currently worth tens of millions of dollars!). Bitshares would convert Bitcoin's mining waste into productive wages for the community.
And finally, buying HEROs (Honest Economics Reclaiming Our Sovereignty) on the DEX gives you a built in 5% savings account. Just deposit by buying HERO with BTC and your value is safe (no dumping!) and grows at 5%.
Just... yes!
What's the best case scenario for this to happen? What is the least harmful way for us to get away from the present bitcoin situation without getting massacred by the kamikaze's and jihadis running the show with bitcoin right now?
It is happening now.
https://steemit.com/bitcoin/@stan/bitcoin-united-btc-u-offers-3-second-confirmations-and-massive-throughput
RIght on, thanks
How does one get private keys for individual assets and in this case bitcoin from bts dex? And when it said snapshot in the post above, does it mean like a prtscreen or snippet from my own PC?
I think the idea is fantastic, especially switching from POW to DPOS as it provides a much more fair governance system that can't be controlled with excessive hardware. Better for the planet too!
Would you plan to issue entirely new coins in no way connected to the original chain to prevent replay attacks? If so, scaling to the intended 21 million would be increasingly meaningless as a good proportion of those coins are likely to be lost and there is no tie back to the originals anyway.
The other argument against scaling to 21 million would be the infaltion you mentioned. If people are looking for stability and perceived value in the various post-split chains, this would give the DEX BTC an edge.
Indeed, no more centralized dev/mining groups limiting the token.
Yep, a massive reduction in energy footprint (less deaths caused by pollution than traditional BTC).
Yeah the idea would be to import your private keys which wouldn't be different between the BTC forks.
Sounds like we should be buying up BTS while it's cheap before things really take off!
Very Interesting and informative. All of it points to a huge setback for mainstream adoption, there are some of us who are already convinced that alt coins will remain a dark web techie nerdy thing and this type of situations is the cause of it. I honestly believe that this is Bitcoins last chance, if they screw this up they will be totally replaced. The fact that there is a consensus mechanism and such weight exerted by those who are heavily invested in mining brings us back to some of the problems we want to avoid with Fiat!!
It's only a matter of time before Bitcoin is replaced by a superior cryptocurrency at the #1 marketcap spot. Once it loses its #1 place, I don't doubt that there would be an exodus of users to 'alternative' cryptocurrencies, away from BTC.
Indeed, mining is massively centralized now.
But that's my main concern, Bitcoin has come to represent BlockChain technology. Most people don't even know what blockchain is they just know Bitcoin or have heard of it, this is the reason why I'm dumbfounded by the idiocy of this community at times. It seems like they are willing to loose the whole war in attempt to win an impossible skirmish, are we truly at their mercy? with mining centralized there really isn't much from keeping a "government" entity to exert pressure on a specific mining group that controls x percentage of the block's traffic...
I love it! And think I like the idea of issuing the planned supply. Keep us informed on progress!
Amazing! So in the end the BTC fork will have a great outcome, BTC processed with BTS speed not bad!!
Let's talk about this idea during the Bitshares Hangout this friday
"Bitcoin United Offers 3 Second Confirmations & 10,000 Transactions Per Second On August 1" - HuffingtonPost
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Disclaimer: I am just a bot trying to be helpful.
So if one had bitcoin on bitshares dev august one, will he get original bitcoin, bitcoin cash and bitcoin uia?
and if one has his bitcoin on bts dex before august 1, is it automatic to get some bts or will he need to go through the tech steps that you enlisted?
This article ranked on google for; what will happen to bitcoin of bts dex in the event of a split. Like first page but result number 6 or 7
Anyway we can get rid of all the miners and electric waste I'm down. Besides I'm the type of person who wants my money quickly, I don't like to make games out of checking account balances everyday to see what's still pending. Props to the bitshares team