Huge announcement about FutureX 📢
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Also, have been developing the FutureX website for sometime, and it’s almost ready to launch 🔥
Today we are talking about 👇
Layer Two Labs
What is Layer Two Labs building?
They are building solutions to design and produce advanced Bitcoin sidechains.
The goal is to scale and build drive chains for the Bitcoin network.
Eliminatinating all altcoin and fiat transactions, leaving only Bitcoin (and its associated freedom and prosperity).
What are drive chains and side chains?
Let's understand a little about what are drive chains and sidechains 👇
Drivechain allows Bitcoin to create, delete, send BTC to, and receive BTC from “Layer-2”s called “sidechains.”
Sidechains are Altcoins that lack a native “coin” – instead, pre-existing coins [from a different blockchain] must first be sent over.
Since bitcoin can’t actually leave the Bitcoin network, sidechains accomplish this task by locking up BTC on the Bitcoin blockchain and representing them in different ways in the sidechain.
The goal is that the representation of BTC in the sidechain maintains a 1:1 peg to the actual BTC locked on the Bitcoin network.
Transfers from the sidechain back to the mainchain (i.e., from Layer 2 back to Layer 1) are not done via verifiable proof but through conjecture and refutation.
A “bundle” of transfers is asserted and slowly “ACKed” over time.
After three months of ACKing, the bundle succeeds.
Thus, the SC: BTC market price cannot deviate significantly from a 1:1 ratio.
What are the primary problems solved?
The primary problems aimed to be solved via the drive chains set up is to extend the bitcoin network, bringing about:
1. Scalability
2. Extensibility
3. Privacy
4. Flexibility
The proposal
@Truthcoin has outlined the concept of drive chains in Bitcoin improvement proposals (BIPs) 300 and 301.
You can check them out here:
BIP 300: https://github.com/bitcoin/bips/blob/master/bip-0300.mediawiki
BIP 301: https://github.com/bitcoin/bips/blob/master/bip-0301.mediawiki
Primary goals of the team
To start with - the team has three primary goals to solve; let's explore each of them
→ The first is focusing on the Bip300 sidechain.
The team already has six sidechain-designs in development, including two which are exact clones of Ethereum and zCash (but BTC-only)
These allow for immediate global scale, easy-to-use impenetrable privacy, and total protocol flexibility.
→ The second is to improve Bitcoin's UX.
Using Bitcoin correctly (with one's node and keys) must be accessible.
This will require a revolution in UX and Education.
Nodes should be easy to run and do useful things that any layperson can understand and appreciate.
→ The third is working on a few high-risk, high-reward problems.
These include prediction markets and a resurrected Namecoin.
These services will be used to revolutionize the media/telecommunications industry.
As the team loves to state it
"21 Million Bitcoin - Infinite possibilities."
Team
They come from a rich and unique background of being suited to solve this problem of building Layer2 solutions for Bitcoin.
- @Truthcoin: Co-Founder & CEO
- @CryptAxe: Co-Founder
- @BTCismoney: Co-Founder
- Nikita Chashchinskii: Co-Founder
Investment and support
They have already raised $3mn at launch from a bunch of angel investors to build solutions for the bitcoin's ecosystem
Excited to see the progress being made by the team, especially around improving the UX of Bitcoin - to bring about more adoption and adaptability by the regular use to run and operate nodes