Author: Dr Maxim Orlovsky 2023-09-10 20:04:19+00:00
Published on: 2023-09-10T20:04:19+00:00
The email discusses the Prometheus protocol, which was proposed by the Pandora Project team several years ago. This protocol allows for high-load computing on top of Bitcoin in a censorship-resistant manner. It operates as a multi-party game where an oracle, referred to as a "worker," is given a computationally complex task, such as machine learning training or inference. The network then reaches a consensus on whether the result reported by the worker is true.Prometheus is a cryptoeconomically-safe protocol, meaning it has a proven Nash equilibrium. It does not require any soft forks and can be implemented with just several Bitcoin transactions per task. All economic transactions are done using Bitcoin as a means of payment and utilizing existing Bitcoin script capabilities.The protocol was transferred to the LNP/BP Standards Association and has been kept in their backlog for potential future use as a layer on top of Bitcoin. However, the author of the email recently realized that the Prometheus protocol can also be used to build a trustless 2-way peg on the Bitcoin blockchain without the need for any soft forks. In this case, the worker acts as an oracle for some extra Bitcoin system, such as a sidechain or client-side validated protocol, and the protocol ensures consensus on the correctness of the state reported by the oracle.This alternative approach to 2-way pegs, such as BIP-300, enables the trustless transfer of Bitcoins between the Bitcoin blockchain, RGB, and potentially a new layer 1 called "prime." To learn more about the prime layer, the author suggests checking out their Baltic Honeybadger talk.In conclusion, the email introduces the Prometheus protocol for high-load computing on Bitcoin, highlights its cryptoeconomic safety, and explains how it can be used for trustless 2-way pegs without requiring any soft forks. The author provides links to the paper describing the protocol and additional resources for further information.
Updated on: 2023-09-11T01:55:17.513997+00:00