Published on: 2019-09-18T04:41:15+00:00
Defiads is a side memory network built on top of Rust open source tools and designed to serve decentralized finance applications. It enables the distribution of advertisements, order books, coinjoin proposals, and more. The network consists of defiads nodes that maintain a shared 1GB memory pool of current ads. Each node replicates ads to other nodes as long as there are bitcoins locked to it on the Bitcoin network using the pay-to-contract protocol. Ads are evicted from the pool once the locked coins become spendable again.Advertisements in Defiads are ranked based on the ratio of used space divided by the locked bitcoins. Only the top 1GB of this ranked list is replicated among the nodes. Users can read ads by starting their own defiads process and querying the content through the JSON-RPC API. To place ads, users must deposit bitcoins into their defiads node's wallet, prepare an ad with category, abstract, and content, lock some of the bitcoins to it for a limited term of advertisement, and withdraw the coins after the ad expires.Defiads connects to both the Bitcoin network and its own peer-to-peer network. It only needs a fraction of the information on the Bitcoin blockchain and operates as an SPV (Simplified Payment Verification) node. The wallet of the defiads node is compatible with popular wallets such as TREZOR, Ledger, Greenwallet, etc., that support BIP38, BIP44, BIP48, BIP84 key generation standards.The synchronization of the ads pool among peers in the defiads network is achieved using Invertible Bloom Lookup Tables. However, it is advised not to use real bitcoins on the network yet, as it is still in its early stages and currently connected to the Bitcoin test network. Discovery of the network is not available, so users need to know a peer in the network to see ads other than their own.In the future, if the use of defiads becomes popular and the 1GB pool becomes tight, users may have to compete for its use. Those who do not have enough bitcoins to lock may pay others to lock their bitcoins, enabling them to fund advertisements. This could give rise to Bitcoin's first truly riskless interest rate market. Tamas Blummer, the creator of defiads, hopes that someone will build a user-friendly UI on top of the JSON-RPC API.
Updated on: 2023-08-02T01:20:48.847434+00:00