Author: Dr Maxim Orlovsky 2023-06-01 17:21:39
Published on: 2023-06-01T17:21:39+00:00
The LNP/BP Standards Association has proposed a new scalable and anonymous layer 1 upgrade for the Bitcoin protocol called Prime. This upgrade will move most validation work into the client-side validation system, leaving Bitcoin as money and the rest of the Bitcoin ecosystem intact. It doesn't require any consensus or majority for initial deployment and can be deployed without a softfork and miners upgrade. The proposal makes Lightning Network and other layer 2 systems redundant and ensures that proper assets, NFTs, etc. are done with RGB smart contracts. The white paper describing the proposal is available on GitHub. The LNP/BP Standards Association plans to set up a working group focused on formal specification and reference implementation of the new layer. They also plan to organize educational and workshop activities to help the community understand the underlying technology better. As the infrastructural effort must not be managed by a for-profit company, they plan to fundraise through non-profit donations. Interested parties can contact them via email. For-profit organizations can become members of the Association to get involved in defining the shape of future Bitcoin technologies.
Updated on: 2023-06-16T18:41:04.365157+00:00