Published on: 2023-06-14T20:14:26+00:00
Dr. Maxim Orlovsky, in response to comments from Peter, agrees that the section describing the timestamping service should be extended. He clarifies that the term "timestamping" refers to the knowledge of certain facts prior to a specific moment in time. He also explains that the term "timechain" is used as a historical reference. In regards to Peter's claim about scalability, Maxim disagrees and states that the consensus layer only includes headers of fixed size, eliminating the need for sharding. Other data are client-side and shared by network users. Each user tracks and keeps data relevant to their part of the state history. The miners producing headers and PMTs act independently.Maxim acknowledges the data availability problem as the main issue but proposes several solutions. The most promising one involves allowing anyone to witness if a miner hasn't released data from a previous PMT. Miners would then include the missing data in subsequent headers to demonstrate its existence. He suggests adding fees cryptoeconomics, where miners would lose fees if they fail to provide the required data. Maxim confirms that he is proposing a proof-of-publication-based single-use-seal and admits that the smart contract protocol and P2P network structure were not discussed in detail in the paper. However, he agrees with Peter that the exact details of the P2P network are not crucial at this point.On June 1, 2023, Dr. Maxim Orlovsky announced the release of the RGB smart contract system by LNP/BP Standards Association. This system aims to upgrade the Bitcoin layer 1 - blockchain by introducing client-side validation. The proposal, called Prime, offers a scalable and completely anonymous layer 1 that can handle billions of transactions per minute. It doesn't require a softfork or miners upgrade and won't affect users who choose not to upgrade. Lightning Network and other layer 2 systems will become redundant. The white paper for the proposal can be found on GitHub. However, criticisms have been raised regarding the design of the timestamping service and scalability claims.To address these concerns, Maxim suggests reading two papers that provide more details on scalable single-use-seal asset transfer and tree chains. In response to John Tromp's question about Bitcoin Proof of Work (PoW) anchoring, Maxim refers to their paper, which explains the consequences if a miner spends the current miner single-use-seal without proper commitment or sufficient PoW. The issue of PMT availability and consensus among miners is still unclear and requires further discussion.The LNP/BP Standards Association plans to establish a working group for the formal specification and reference implementation of the new layer. They also aim to organize educational and workshop activities. Funding will be raised through non-profit donations, as the infrastructural effort should not be managed by a for-profit company. Interested parties can contact them via email, and for-profit organizations can become members of the Association to contribute to the future development of Bitcoin technologies.
Updated on: 2023-08-02T09:31:48.911443+00:00