Quote from: Cosmic Beyonders on April 06, 2022, 11:10:02 PM

Quote from: Hueristic on April 06, 2022, 09:46:52 PM

Quote from: cAPSLOCK on April 06, 2022, 08:55:07 PM

I have to admit... I am not done processing this news, and the concept gives me a little pause.

BUT. One thing I think many have not yet seen (gawd I sound like CSW) is the fact that the Bitcoin blockchain will continue to be the most secure distributed shared database on the earth. And that quality gives it the unique ability to underpin these sorts of products.

One thing you often hear from the mouths of alt-coiners is that Bitcoin will not be able to pay the miners after a few more halving to remain as secure as it should. But the tradeoffs being made imply the possibility that transactions on the base layer could become quite expensive over time. Either that or we allow more of them, or a combination.

But what we have here is a transactional currency that is rooted in the security of the base chain.

I really wish Finney had lived to see this. I would love to hear his thoughts on the matter. I feel like it could be a sort of extension to what he described with his "bitcoin banks" ideas.

Is it dangerous? Does it somehow subvert Bitcoin and give control back to the elites?

I have no idea. But I do know we will hear that a lot. Tech surprises us. This is a VERY interesting evolution in the history of Bitcoin. i do think this is going to get the attention of a lot of very powerful people. And the fun part is... if the Fed does not allow the dollar to be traded this way, then something else will happen instead. They either embrace this. Or they get steamrolled.

I haven't looked into any of this but are they just copying bitcoin omni layer onto lightning?

Sir i want to Explain it as much i know it. It is going to be merged like The Lightning layer and the OMNI layer the basics of OMI layer is to provide the Base of the Flow of Stable Currency as USDT through out the various nodes on the Lightning Layer for the funds transection.

It seems like combo in which stable coin flow will be of

Pegged or Derivative Contract as TUSD and USDT.

Other i am not sure for The Communication between the layers

Sorry but I just can't follow your broken English posts, maybe in the future you might want to just quote pertinent information rather than trying to paraphrase it?

I've found this article that seems to do a pretty good job of eli5ing it and indeed it does look like a patch to run omni code over lightning.

https://thebitcoinmanual.com/articles/ln-stable-coins-work-omnibolt/

Quote

OmniBOLT is based on the fundamental theory of Lightning Network specification and describes how to enable OmniLayer assets to be circulated via lightning channels and how can smart assets benefit from this novel quick payment theory.