Ben Arc is a free open-source software advocate and founder of LNbits. In this interview, we discuss how LNbits helps to decentralize custodianship and how Bitcoin’s widescale utility outweighs the environmental FUD.
The What Bitcoin Did Podcast is a tri-weekly Bitcoin podcast where host Peter McCormack interviews experts in the world of Bitcoin
development, privacy, investment and btc adoption. Launched in November of 2017, the podcast has grown to over 500 episodes with a guest list that is a testament to the diversity of knowledge and opinions that represent the broader Bitcoin community.
However, with an asymmetric 2-way peg, users of the sidechain would be full validators on the Bitcoin chain, and transfers from the Bitcoin blockchain would not require SPV proofs, as validators would be already aware of the state of the Bitcoin
Way back in 2008, someone called Satoshi Nakamoto published a nine-page white paper detailing a vision for Bitcoin — described as a ‘peer-to-peer electronic cash system’ that would function outside the reach of governments.
Past topics have ranged from Cannabis to Censorship , Libertarianism to the Lightning Network , and Sex Workers to Segwit2x . Industry leaders such as Adam Back , Michael Saylor and President Nayib Bukele have shared the WBD mic along with rising stars. No areas of discussion are off-limits and differences of opinion are encouraged. Individual podcast episodes have focused on engaging and accessible conversations with some of the industry’s most influential minds.
This solves the issues identified with traditional merged mining, as miners on the mainchain do not have to run a full node on the child sidechain, and are also compensated for their services in bitcoin, the native asset of the mainchain.
The same can be said for cryptocurrencies. Tech stocks are also down significantly at the moment. There’s every reason to suspect that they will rebound at some future point – whether it’s one year or five or ten.
One way is in the growth and pervasiveness of big data and data-intensive science. Nearly every field of traditional study now has a computational complement (computational biology, computational astronomy, computational philosophy, computational law, etc.). The scientific method is transformed from a narrow hypothesis-experimentation loop to dynamic hypothesis formation per large-data results, vastly scaling the degree of experimental activity. Information as a Sense-making Paradigm Reconfigures Science The reach of information as a sense-making paradigm can be seen in how this idea is reconfiguring approaches to science.
The more Bitcoins are mined, the harder the process becomes - requiring more computer power which gives Bitcoin its environmentally-negative reputation. Essentially, mining involves a computationally-intensive process to create new Bitcoins.
Merged mining is the process of reusing proof of work solutions from a parent cryptocurrency as valid proofs for one or more child cryptocurrencies. The second component comprising Drivechain is blind merged mining, which is a variant of merged mining. Since a miner would be utilising hashing power on one or more child cryptocurrency networks, they would be entitled to the rewards on these blockchains.
Information is an interesting paradigm by which we are starting to see the structure of the world and make sense of it, both in physical and digital reality. Sense-making Models: Religion, Science, Political-Economy, Information There is a more fundamental link between the blockchain and science in the grand scope of our human models for making sense of the world: religion, science, political-economy, and now information. The blockchain is an information technology, and the Internet and the blockchain provide a heightened information climate; a means of improving and modulating the resolution of information through faster more-expedient transfer, discovery, deployment, and use.
Generally speaking, you should only ever invest risk capital, that is – money you can afford to lose. If you took that approach with Bitcoin and its rise or fall isn’t going to cause you any material hardship, it’s best to hold on to your investment.
This means BTC lives in a new environment with fewer constraints and gains new, experimental abilities, especially P2P event derivatives. Once bitcoin has been locked on the base layer and the proof is sent to the Drivechain, that value can then be exchanged using different methods of consensus.
Despite the whole idea of Bitcoin being decentralised and different from real money, it’s still used by people and companies around the world and therefore affected by perceptions of other financial products.
Drivechain introduces a novel type of transaction, where the sidechain node wants the mainchain miner to include, what the Drivechain team describes as a ‘critical hash’, btc into the coinbase of a mainchain block. Inclusion of the critical hash into the coinbase would signify that the sidechain block would have been successfully merge-mined.