Komi_Hartman on Nostr: A secure & scalable solution for handling private keys, facilitating Layer 2 scaling, ...
A secure & scalable solution for handling private keys, facilitating Layer 2 scaling, & ensuring the reliability of cryptocurrency transactions during geopolitical conflicts can be achieved through a 'well-designed sidechain system' that adheres to the principles laid out by Satoshi Nakamoto…
If a sidechain is designed with strong cryptographic protocols & is permissionless, individuals can store their private keys securely on this sidechain. The passphrase could be recorded separately, adding an 'extra layer of security'.
A 'sidechain' system with Merkle Anchored Pegging capabilities can complement Layer 2 Scaling & ensure 'robust scalability'. (By allowing users to offload non-essential data or transactions onto sidechains while still anchoring crucial information to the main Bitcoin blockchain using Merkle Anchored Pegging. This offloads the main chain, reducing congestion & transaction fees).
A sidechain can issue synthetic BTC tokens, ensuring a 1:1 backing without the need for gatekeepers. The trust is maintained through cryptographic mechanisms, making it permissionless, trustless & immutable, aligning with the core principles of Bitcoin..
A #sidechain proposal that enables two-way pegs with no changes to #Bitcoin Core.
https://ursuscamp.github.io/bitcoin/2023/08/10/sidechains.html note10a0…tklz
Published at
2023-09-19 14:29:14Event JSON
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"content": "A secure \u0026 scalable solution for handling private keys, facilitating Layer 2 scaling, \u0026 ensuring the reliability of cryptocurrency transactions during geopolitical conflicts can be achieved through a 'well-designed sidechain system' that adheres to the principles laid out by Satoshi Nakamoto…\n\nIf a sidechain is designed with strong cryptographic protocols \u0026 is permissionless, individuals can store their private keys securely on this sidechain. The passphrase could be recorded separately, adding an 'extra layer of security'.\n\nA 'sidechain' system with Merkle Anchored Pegging capabilities can complement Layer 2 Scaling \u0026 ensure 'robust scalability'. (By allowing users to offload non-essential data or transactions onto sidechains while still anchoring crucial information to the main Bitcoin blockchain using Merkle Anchored Pegging. This offloads the main chain, reducing congestion \u0026 transaction fees).\n\nA sidechain can issue synthetic BTC tokens, ensuring a 1:1 backing without the need for gatekeepers. The trust is maintained through cryptographic mechanisms, making it permissionless, trustless \u0026 immutable, aligning with the core principles of Bitcoin.. nostr:note1xynnwl5cf3d08h770kutfex5mqaxwemyn4yvpcp9mkaevssqjjxq58dfgj",
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