Author: ZmnSCPxj 2019-09-17 01:54:41
Published on: 2019-09-17T01:54:41+00:00
In an email to Tamas Blummer via bitcoin-dev, ZmnSCPxj thanked him for introducing the pattern of a side memory to Bitcoin and promised an implementation. He then filed an issue proposing a feature to add a "contact point" fixed-length field to all advertisements, which he believes gives him the right to say "First post." In response, Tamas presented defiads, a side memory network to Bitcoin built on top of Rust open source tools and designed to serve decentralized finance applications with an infrastructure to distribute ads, order books, coinjoin proposals, and more.Every defiads node maintains a copy of a network-wide shared 1GB memory pool of current ads, which are replicated to other nodes as long as there is some Bitcoin locked to it on the Bitcoin network using the pay-to-contract protocol. The ad will be evicted from the pool as soon as the coins locked to it are spendable again. defiads ranks advertisements by the ratio of used space divided by bitcoins locked and will only replicate the top 1GB of this ranked list.Users can read ads by starting a defiads process of their own and querying the content through its JSON-RPC API. To place ads, users must deposit some bitcoins into their defiads node's wallet, prepare an ad providing its category, abstract, and content, and fund the ad by locking some of the bitcoins to it for a limited term of the advertisement. defiads handles the association with ads, locking and unlocking coins. The defiads node's wallet is compatible with that of TREZOR, Ledger, Greenwallet, and many other wallets that support BIP38, BIP44, BIP48, BIP84 key generation and use standards. defiads uses Invertible Bloom Lookup Tables to synchronize the ads pool with its peers. While it seems to work, users should not yet use it with real bitcoins, and the network is currently on Bitcoin's test network. There is no discovery for the network yet, so users will have to know some peer in the network to see other than their own ads.If the use of defiads becomes popular and the 1GB pool becomes tight, people will have to compete for its use. Some might not have enough bitcoins to lock and might therefore pay others to lock theirs to fund an advertisement. defiads network could match both sides and thereby give rise to Bitcoin's first truly riskless interest rate market.
Updated on: 2023-06-13T21:20:28.575097+00:00