Bitcoin lightning network and ethereum protocols
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The document discusses Bitcoin and Ethereum scaling solutions, focusing on the Bitcoin Lightning Network and the 0x Protocol for decentralized exchanges. It highlights Bitcoin's limitations regarding transaction speed, fees, and scalability, and introduces Matic Network as a layer 2 solution for Ethereum, utilizing sidechains for enhanced performance. Key features include increased transaction throughput, security, and a user-friendly experience for developers and users.
Bitcoin lightning network and ethereum protocols
- 1. Bitcoin and Ethereum Protocols Susmit • Co-Founder of Oc2
- 2. Overview Introduction ● A brief introduction about me and topics Bitcoin ● Layer 2 scaling solution : Lightning Network ● Smart Contracts on Bitcoin : Discreet Log Contracts Ethereum Protocols ● Secret Dex Ingredient : 0x Protocol ● Layer 2 scaling solution: Matic
- 3. Ready ?
- 4. Problems with Bitcoin Onchain Problem ● Long Transaction confirmation time ● Microtransaction is not practical . (High mining fees) ● Bitcoin is not scalable. Every nodes verify every tx Stats ● Only 7 transaction per second. ● 250 bytes/tx ● 1 MB blocksize
- 5. At 1,200 transactions per MB every 10 minutes and 7 billion people do two on-chain transactions per month, blocksize would have to be 5.7gb.
- 6. Solutions ? Some Giveaways ● Maintain databases records ● Sidechains ● Payment channels Reveal ● Database requires trust ● Sidechains will end up with 2 tx ● Payment channels require frequent transaction.
- 8. Brief Intro ● By creating a network of payment channels, it is possible to find a path across the network similar to routing packets on the internet. ● The nodes along the path are not trusted, as the payment is enforced using a script which enforces the atomicity (either the entire payment succeeds or fails) via decrementing time-locks. Payment channels ● Payment channels are based on the idea of transaction replacement to update the state of an unconfirmed transaction before broadcasting it to the network.
- 9. Schedule
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- 11. Next steps Assignment 1 Lorem ipsum dolor sit amet Consectetur adipiscing elit, sed do eiusmod tempor Assignment 2 Lorem ipsum dolor sit amet Assignment 3 Consectetur adipiscing elit, sed do eiusmod tempor
- 28. What if Carol refuses to share R? What is Bob is not rich enough?
- 29. Hash Lock Time Lock HTLC are time bound conditional payments that don’t require trusted third parties. These programmable escrows enable conditional p2p value transfer and minimize counterparty risk.
- 44. Conclusion. Bitcoin can scale exponentially
- 45. 0x The protocol for decentralized exchange
- 46. 1. An irresistible honeypot for hackers. Millions in funds continue to be stolen. 2. Expensive to maintain and cannot serve long-tail of assets. 3. Cannot integrate with decentralized applications. Liquidity is siloed. Centralized Exchanges are Broken
- 47. What is 0x exactly 1. Core settlement layer for trades. Sign orders off-chain for free, settle on-chain. 2. Free-to-use, open source, and non-custodial. Tokens remain in your wallet until trade is complete. 3. Relayers build exchanges on top of protocol to serve new users. Can easily share liquidity.
- 48. Using 0x Protocol. 1. Core settlement layer for trades. Sign orders off-chain for free, settle on-chain. 2. Free-to-use, open source, and non-custodial. Tokens remain in your wallet until trade is complete. 3. Relayers build exchanges on top of protocol to serve new users. Can easily share liquidity.
- 49. Ethereum Scaling Solution Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation, while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.
- 50. KEY FEATURES & HIGHLIGHTS ● Scalability: Fast, low-cost and secure transactions on Matic sidechains with finality achieved on mainchain and Ethereum as the first compatible Layer 1 basechain ● High Throughput: Achieved up to 7,000 TPS on a single sidechain on internal testnet; Multiple chains to be added for horizontal scaling ● User Experience: Smooth UX and developer abstraction from mainchain to Matic chain; native mobile apps and SDK with WalletConnect support ● Security: Matic chain operators are themselves stakers in the PoS system ● Public Sidechains: Matic sidechains are public in nature (vs. individual dApp chains), permissionless and capable of supporting multiple protocols
- 52. Reach Out Susmit :- ● https://twitter.com/Susmit_Lavania?s=08 ● https://www.linkedin.com/in/susmit-lavania-4b9558107/ Oc2 :- ● https://t.me/Oc2realm ● https://twitter.com/oc2realm ● https://www.linkedin.com/company/oc2/about/?viewAsM ember=true ● https://medium.com/oc2-realm ● https://www.facebook.com/oc2realm/?modal=admin_tod o_tour ● https://oc2realm.com/exchange
Editor's Notes
- #29: Carol will be problematic in Alice and Bob transaction. Alice funds are stuck.