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This is a value for value post: see the explanation in the footer.
@vsc.network
Last night @starkez @theycallmedan and @vaultec demoed the first proof of concept of the new wrapped BTC on Hive system. This is part of the @vsc.network which is going to add smart contracts as side chains on Hive.
The practical upshot of this?
We'll be able to send BTC (sats) around on Hive FOR FREE. Getting them in, getting them out will involve main chain BTC transactions and fees, but after that, FREE and FAST transactions.
The next step is to have an internal and decentralised exchange DEX linking Hive and HBD directly to Bitcoin on Hive.
Right now, in a small way, @v4vapp does this but I don't want to be running an exchange long term. I always wanted my service to be both decentralised and not an exchange.
@vsc.network is the way this will happen.
Lightning to BTC Wrapped on Hive
My vision is that my service will switch to sending and receiving Lightning BTC and transferring that to Wrapped BTC held by your own Hive account.
In addition, once there is a working DEX within Hive's ecosystem, @v4vapp will be able to use that to transfer BTC into or out of HBD or Hive as required.
I'll be a wrapping provider
In effect I will start wrapping BTC and putting it on Hive (in the same way that I hold BTC on the Lightning network) and I'll bridge between these two.
Using it
I wasn't on the live show last night so this morning I wrapped 200,000 sats by sending them to the VSC system. That'll come back to me as wrapped sats on Hive.
And then with Lightning
What I will be able to do in the near future when this is built out, is substitute a slow, expensive BTC transaction on the main chain with a fast, nearly free transaction on Lightning. I'll provide the Wrapped BTC and I'll be staking my HBD at risk so that if I mess about with the system, I'll be punished.
The plan
And once that is working, and we have an internal DEX, I will stop doing the conversions myself though my system will be able to use Hive's internal market.
And at that point I will be able to let anyone run the Lightning wrapping service and I hope that I'll be able to find some others to do it so that I am no longer a single point of failure.
That's the plan!
Value for Value
For the last few months while building @v4vapp I was generously supported by the DHF. Going forward I have a much more modest support which covers direct server costs and a little of my time.
If you appreciate the work I do on and around Hive, you can express this directly: upvoting posts on Hive is great. Also consider a direct donation (there's a Tip button on Hive or a Lightning Address) on all my posts.
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I love how you are putting in hard work to this
Keep it up and I will make sure that I consistently use the lighting platform
this is awesome and really exciting. You were the first one I thought of when I saw the news of this occurring. Keep up the great work man!
😍
#hive #posh
This is good upgrade to the system, but i think only those that have btc will enjoy this.. Kudos to you for this.
That's really awesome and super useful to allow Fee-less transactions of other tokens on Hive blockchain, especially for btc.
Keep up the great work.
These kind of upgrades will make this app more famous and we will see that people will find it much easier to use here and will definitely tell others about it.