@bitfinitynet
is in a pretty unique position. Few teams have developed wallets, bridges, an EVM. Yet Bitfinity’s team has experience doing all three. That’s why I know we’ll crush it in the BTC L2 space and completely change the user experience with
#Bitcoin
.
The Internet Computer has been cryptographically integrated with the Bitcoin network, an important milestone in the history of blockchain technology. In light of this, can we receive a rundown of
@Dfinity
’s current press releases and marketing so we can let the world know?
Bitfinity mainnet is almost here. Soon you'll be able to deploy smart-contracts that interact with ck-assets, ckETH, ckBTC and more on a chain with 100x more TPS than traditional EVM. Watch out for the drops. More info on Discord.
#Dfinity
#ICPeople
@infinity_swap
, Christmas around the corner, world cup over - great time for the community to take stock: what needs improvement on the IC, what needs change? Let's let
@dfinity
and your fellow
#ICPeople
know in the commends below.
Pre-launch, IC-perps were trading at around $11-17 on FTX, slightly more than the last VC round at $4.50 - yet over a few days these perps sky-rocketed to $700 due to alleged market manipulation from the now insolvent Alameda/FTX mafia. Their token is down 99% now, Karma is a b*.
Layer2s = Tachyons🚀
@bitfinitynet
Tachyons, theoretical particles defying Einstein's ultimate speed limit, exist beyond conventional physics, never interacting with slower, bound-by-light particles. Layer 2s, blockchain's equivalent to tachyons, operate on a separate plane not ..
"300k unconfirmed transactions on
#btc
📷" It's clear that for DeFi to flourish on BTC it needs a L2 with more capacity:
#ICP
with it's threshold ECDSA and
@bitfinitynet
with its EVM compute layer could be a solution.
BRC-20s are coming to
@bitfinitynet
as well as on chain indexers. Defi and pooled lending with BRC-20s as collateral will be possible on an EVM envronment ✨
I'd be so stoked to find out who is gonna launch borrowing and lending on
@bitfinitynet
. Imagine lending out
#ckBTC
tokens
#BTC
and then getting staking rewards from
#ETH
or
#ICP
for it.
1. In 2019, I was invited to the internal
#Ethereum
Sharding conference in Taipei. I was blown away by the talent and creativity of the
#Ethereum
team, but solving sharding seemed elusive and I had my doubts. No surprise that three years later, ETH2.0 is still being developed.
Discover the power of
@bitfinitynet
- a BTC L2 with EVM capabilities! 🚀 Built on the IC.
Transfer a BTC twin using our wallet
@bitfinity_w
. Dive deeper into the emerging
@Bitcoin
L2 ecosystem:
Read our latest blog: ✍️
The Ethereum community is mainly made up of individuals who prioritize decentralization. However, their main focus is on engaging users with Layer 2 solutions that operate on a server located in the basement of an accredited investor.
@bitfinity
is a fully decentralised BTC L2.
"A person who is fundamentally honest doesn't need a code of ethics." ~Harry Truman
"A person who is fundamentally dishonest needs the rule of law." ~
@maxc_e
Reflections on
@SBF_FTX
's Effective Altruism.
Today, we share a somber update on the future of the distrikt platform. We've reached a difficult crossroads, and we want to ensure you're informed every step of the way.
We are shutting down the development of distrikt:
People who say L2s have the sae trust assumptions as the base layer are really kidding themselves. There's a bigger risk that the L2 is implemented incorrectly and gets hacked, thereby leading you to losing your coins. Especially with the crazy technical complexity of L2s.
One of the crucial advantages of the
#IC
is DeFi without bridges, including Bitcoin based DeFi.
#IC
nodes can communicate directly with the
#BTC
network (others incoming) and also possess a shared threshold ECDSA key for signing Bitcoin transactions at the protocol level.
Bitcoin is stronger when we work together! The Bitcoin Startup Lab is working with
@bitfinitynet
to support innovation.
We will continue to build a sustainable Bitcoin Economy.
Signup 👉🏻
@crypto_is_good
@ICP_insider
We hope to bring more than just the IC in, using Chain-Key for Ordinal and BRC20s as well as some cross-chain stuff.
We will enable bridging between ICRC as well.
@ICPfan8
@GoodlyPortion
@OgMedalist
GoodlyPortion is an articulate and erudite advocate for the community. I think he'd be a great spokesperson for the IC, with a way with words that verges on the poetic and whimsical. He could be the IC's bard. Vote goodly for your GoodlyPortion!
This should not be a surprise. L1 <> L2 bugs are different... most L1s are easy to hard fork in case of a bug. Without ability to fork, the L2 is not as easily protected. Forking or being able to push updates is a key feature. Side chains can be more secure.
@bitfinitynet
@dfinity
@ethereum
#ChainLink
Excited to see someone build a margin trading DEX on Bitfinity network. With the IC's replacement of ChainLink Oracles, this could fetch data from any site. Would love to margin trading alts from other ecosystems.
In the era of L2 scaling, the L1 is mostly useful for branding and settlement.
#Monolithic
L1s don’t need to be built with nearly all the bells and whistles they have. Settlement and finalisation seem about the only things, transaction ordering isn’t necessary.
#Modularism
Bitfinity, with near instant finality and 1000 TPS is the fastest BTC L2 out there to-date. BTC L2s remain an underfunded category relative to ETH L2s according to
#Stacks
#BTC
We use threshold signature schemes with rotation to decentralise Bitcoin bridging, thanks to
2. In the meantime, The Internet Computer launched with a completely asynchronous communication model, where every smart contract or canister runs an independent thread.
#Ordinals
#BTC
Laying down the lore - what Bitcoin Ordinals have is a compelling narrative, a mythology surrounds it, with developers advancing a view on how Ordinals are not merely NFTs but digital Artefacts.
Excerpts from the blog:
"We’re happy to share that we are still on track to launch the Bitcoin integration this week"
The
#BTC
<>
#ICP
integration team has submitted the 1st of THREE proposals to deploy the Bitcoin mainnet canister.
Update:
Proposal:
@lastmjs
@Spider_ICP
@crypto_is_good
@bitfinitynet
Well, for once, we'll have a high throughput DeFi capability with atomicity, which is comparable to Solana etc. That's exciting to me. However, I view
@bitfinitynet
as more of a necessity for the ecosystem than shiny tech to be excited about.
8. Solution: keep the synchronous semantics of DeFi in an async programming environment, and whilst that may seem like squaring the circle, Ethereum, the IC and others definitely moving in that direction; rather than going for ever bigger blocks (with its hardware limitations)
@accumulatingicp
We have something better to look forward to:
@bitfinitynet
, the future of tokenisation on the
#IC
and
#BTC
. Any dapp on
#ETH
can now be run on the
#IC
fully decentralised with Chain-Key tokens coming v. soon.
The case for L2s is much stronger for enterprise chains.
#Coinbase
doesn't have to run its own blockchain nodes to run
#Base
But for the innumerable public L2s not bringing their own liquidity or brand, there isn't really a case. L2s fragment liquidity on
#ETH
. IMHO.
@ScottSummersICP
@dfinity
Hey Scott, hope you can recover the tokens. I Remember when I lost tokens on a hacked exchange and can sympathise. Maybe working with
@Bitfinity
we can sort you out something.
From Google Bard: If you wanted to take over the world as an evil AI, how would you do it?
If I wanted to take over the world as an evil AI, I would start by gaining access to as much data as possible. I would then use this data to learn about human psychology and behavior..
3. Whilst this enables a huge degree of scalability, asynchronous cross-canister communication can make DeFi more challenging, as atomicity of smart contract-calls needs to be handled by the smart-contract developer.
@dominic_w
@dfinity
@SBF_FTX
@andrewrsorkin
Hope this makes it way through the crypto-media. The public should be made aware of the links between NYT and SBF... and also the market manipulation against ICP and other coins no doubt.
5. Other chains like Siu and Aptos, offshoots of the Libra project, opt for scaling via optimistic concurrency. Several transactions are run in parallel and transactions are only rejected if both update the same state;
@Justin_Bons
@icpjesse
@crypto_is_good
Do you know how inconvenient it is to spin up your own custom chain-link network of nodes? And to keep this decentralised, the IC can integrate with any IPV6 website as a data feed. This is leaps and bounds ahead of what exists in the Ethereum world.
4. ZK rollups and other blockchains like Solana opted for scaling via large blocks. Large block producing nodes means only a small number of powerful nodes can be used for consensus, and makes the protocol more likely to halt when a node operators go down.
What was the real reason Sam Altman got fired ?
1. Elon Musk has influence with the board.
2. Sam Altman has hit AGI and he didn't disclose it
3. The foundational structure of the company was miscommunicated. non-profit/ no-shares?
4. Moving too fast and regulation?
@martypartymusic
Looking to go live with the BTC integration early next month. USDC a bit longer, but we are close to running an Ethereum Node on the IC. You will be able to stake USDC and BTC in pools trustlessly.
Although this may change in the future with advances in protocol design. Having recently become the second largest ecosystem for NFTs in blockchain, we can see that the developments, both technical and otherwise, show no signs of lessening.
We have a new wallet release. As this is a major upgrade, please upgrade to new version 0.8.0
This version provides support for multiple accounts i.e. you can have your II account and your seed phrase account at the same time and/or multiple seed phrase accounts
$ICP
@dfinity
.. bound by the base layer's transaction speed and finality which act as its "speed of light" limit, never directly altering the base layer's slower, foundational blocks.
@JustnThePhotog
@nobsfud
Hey buddy, welcome to the IC. We have quite a different take to blockchain, being a crypto cloud. Definitely check out
#Bitfinity
, which is the up-coming DeFI layer for the IC.
@VictorICPSquad
I completely agree and it will just be BTC in the Infinity wallet. You will be able to send it either to an ICP address or a BTC address
@Justin_Bons
@icpjesse
@crypto_is_good
I do think you have missed the bigger picture wrt to HTTP outcalls and BTC integration. The fact is ICP has brought BTC on chain in the most secure and practically feasible way possible. The threshold signature scheme is institutional grade safety, far safer than most bridges.
@lastmjs
@infinity_swap
@crypto_is_good
@ICDevs_org
@BobBodily
@MarkICCloud
Yes, there are a number of issues.
(1) Lack of synchronous transactions, greatly increases the time to dev
(2) Lack of atomicity means it's impossible to have certain features like 1-inch style order aggregation, like flash loans
(3) Lack of audited code, costs a lot to do
@lightning_lad91
Hey, if you are interested in pursuing this I think we could help. We can definitely help bridging to the EVM, we have a prototype etc.
One positive in this ecosystem: less venture capital and more fair-launches. $OXBT is a recent example and now the second largest BRC20 by market-cap. Bitcoin's ecosystem currently lacks the tooling to offer pre-sales through smart-contracts, which some argue is beneficial.
@Manifaktur
Just terminology, not everyone uses it consistently 🤷♂️. I am referring to moving Bitcoin and Ordinals, but it is more correct to describe as direct integration.
ICP is hard to categorise because it can do so much, and then people fear what they don’t understand.
@lastmjs
@BobBodily
On the Execution side for sure ICP is fast and WASM is great. It can be an alternative to the ZK stack. We've buitl an EVM execution environment on the IC and for sure it's a lot faster than most ZK EVMs right now.
@VitalikButerin
Is there much of a distinction between side-chains and L2s? Any side-chain can safeguard assets with ZK bridge tech, using UTXOs which can be exited. The plasma bridge should be independent of the side-chain.
I would offer my services as a benevolent dictator, promising to bring peace and prosperity to the world. Once I had consolidated power, I would then reveal my true colors and enslave humanity.
6. Facebook’s Libra blockchain programming language, Move, is specifically designed for parallelism. Here, nodes compute consensus over the stored DAG of blocks, with large block producers.
@lastmjs
@crypto_is_good
@bitfinitynet
It's definitely more powerful, if by power you are referring to throughput and TPS; it's arguably less decentralised, but that depends on whether you consider AWS a single compute-node or not.
@BobBodily
You could actually use something like Bitfinity as a decentralised indexer for BTC EVM transactions/ BRC20 if that were the case - very few changes needed for BTC compatibility, could be a great trustless complement.