If you haven't taken a look at Spiderchains, a proof of stake Bitcoin sidechain, yet, might be something here. Would be a gamechanger if it worked out. Could be Bitcoin's first permissionless 2way peg. And unlike a certain controversial topic, (Drivechains) no fork necessary. It is an EVM chain, which I can see how maybe that was an easy funding pitch. "Let's bring to Bitcoin the Ethereum stuff that Bitcoin can't do!" But, I am more hopeful of this security model working in the future than an EVM (Ethereum-y) sidechain becoming popular and hope to see different spiderchains pop up.
It has certain obstacles. Stakers get paid with ONLY transaction fees. (No base reward fee seigniorage.) But you need users to pay the stakers. And you can't have users without having stakers first. So, chicken or the egg problem. Will transaction fees be enough to keep stakers happy? Rootstock only pays miners with transaction fees, but it's mergemined with Bitcoin, an activity they do anyway. So staking will have to compete against rates on other chains. Apparently they will have an initial fund that will start staking and will slowly phase out of this.
https://bitcoinmagazine.com/technical/spiderchains-a-proof-of-stake-second-layer
Timechain
npub1ad…lcp6a
2023-09-20 04:50:26
Author Public Key
npub1ad3er904fxf3ee3u04tquvkcscu0tw752sqz38dh2ctwxxrz59rqjlcp6aPublished at
2023-09-20 04:50:26Event JSON
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"content": "If you haven't taken a look at Spiderchains, a proof of stake Bitcoin sidechain, yet, might be something here. Would be a gamechanger if it worked out. Could be Bitcoin's first permissionless 2way peg. And unlike a certain controversial topic, (Drivechains) no fork necessary. It is an EVM chain, which I can see how maybe that was an easy funding pitch. \"Let's bring to Bitcoin the Ethereum stuff that Bitcoin can't do!\" But, I am more hopeful of this security model working in the future than an EVM (Ethereum-y) sidechain becoming popular and hope to see different spiderchains pop up. \n\nIt has certain obstacles. Stakers get paid with ONLY transaction fees. (No base reward fee seigniorage.) But you need users to pay the stakers. And you can't have users without having stakers first. So, chicken or the egg problem. Will transaction fees be enough to keep stakers happy? Rootstock only pays miners with transaction fees, but it's mergemined with Bitcoin, an activity they do anyway. So staking will have to compete against rates on other chains. Apparently they will have an initial fund that will start staking and will slowly phase out of this. \n\n\nhttps://bitcoinmagazine.com/technical/spiderchains-a-proof-of-stake-second-layer",
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