Quote from: pooya87 on Today at 04:02:45 AM

Quote from: Wind_FURY on January 15, 2024, 02:23:48 PM

Quote from: pooya87 on January 14, 2024, 02:52:27 AM

Bitcoin protocol does not support Token creation. What they did through Ordinals exploit was to inject arbitrary data into the Bitcoin blockchain.

Whatever you call it, it doesn't change the fact that the BRC-20 method of minting tokens is inefficient, expensive and it's very annoying for users who want to use the network for financial transactions.

Yes, but the bold part needs to be clarified and repeated as many times possible because I see repetition of a similar problem we had in 2017 where people kept spreading misinformation (SegWit "removes" signatures) and years later we are still seeing some who think it is true.

Here BTC-20 is not a method of "minting tokens" it is just a method of spamming the blockchain with arbitrary data.

I'm not disproving your point, nor am I disallowing you from having an opinion. But you have already expressed the same thing many times in different topics. I'm sorry, but it's becoming like a broken record.

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"Lacks popularity", but those users did congest the network, forcing everyone to pay for higher fees if they wanted to make a transaction on-chain.

"Lacks utility", but those users' idea of "utility" or usage IS the making money part of the system.

But we digress, let's talk about technical features of SatoshiVM, the pros/cons, and why/why won't it work.

Yeah, we should stick to technical discussion but the other stuff is just as important. For example your two first statements here is proving what I said! These spammers see "utility" as making money. To make money they need something that can get hyped up so that people (specially newbies and gamblers) would buy. Making these on some unknown platform whose name is not heard by anyone is not going to give them any hype to pump it. But when they include their junk spam inside bitcoin blockchain, it can get hyped up.

Besides not only Bitcoin side-chains exist but also there are a lot of other token creation platforms that are semi-mature and they are unused because of exactly what I explained (uselessness).

To make matters worse, as long as the exploit in Bitcoin protocol is not patched and these spammers can continue abusing it, they will not even bother looking at alternative solutions...

That's probably why it's an opportunity for some developers to build a more efficient solution that will be a win-win both for users who want BRC-20/NFTs, AND users who want cheap on-chain transactions.

Paying for high fees is simply not sustainable for ALL users because Bitcoins are scarce.

Quote from: ABCbits on Today at 09:55:46 AM

Quote from: Wind_FURY on January 15, 2024, 02:23:48 PM

But we digress, let's talk about technical features of SatoshiVM, the pros/cons, and why/why won't it work.

The technical details is limited, so i can't talk about it with certainty. So i'll just point few things,

1. Average block time for testnet 3s[1], it'll create some stale/orphan block. It worry me, even when they state they currently consider block time between 3s to 60s[2].

2. Currently there's no detail how "sequencer" (party who create block) is chosen[2].

It will probably be centralized/federated at first, then decentralize ln due course.

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3. While we can "move" BTC to SatoshiVM by ourselves[3], i didn't find how to "move" BTC from SatoshiVM to mainnet which is a bit concerning.

[1] https://testnet.svmscan.io/
[2] https://docs.satoshivm.io/satoshivm/rollup-protocol
[3] https://docs.satoshivm.io/user-guide/btc-bridge-testnet

It will probably through a off-chain Bitcoin to on-chain Bitcoin market of some sort?

¯\_(ツ)_/¯