Published on: 2021-12-09T12:56:19+00:00
The discussion revolves around the use of multisig schemes and Single Use Seals for on-chain aggregation seals. It is noted that choosing a common aggregation service provider ahead of time may lead to availability and censorship risks. However, the protocol is trustless with regard to validity, so it doesn't matter which aggregation service one uses. Users have the flexibility to choose what kind of censorship risk they are willing to take and can mitigate it using "multisig" schemes that use multiple aggregators in parallel.Peter Todd, a well-known Bitcoin developer, explains that Single Use Seals require an on-chain transaction to post proof of publication to the ledger when an asset is transferred. However, scalability can be achieved by batching multiple proofs into a Merkle tree and adding the merkle root to a single transaction going into the ledger. This approach allows for scalability and addresses concerns about the scalability of Non-Fungible Tokens (NFTs) using RGB.In the context of NFT scalability, Christian Moss raised concerns about the scalability of NFTs using RGB. Each transaction involving NFTs would require an on-chain transaction, inhibiting scalability. However, Peter Todd explains that RGB plans to scale NFTs and similar things in the future using scalable single-use-seals. These seals enable the creation of digital assets without requiring on-chain transactions for every transfer of ownership.The possibility of using OP_RETURN to create and trade NFTs on Bitcoin was discussed. It is not possible to make transactions with this opcode via Lightning since Lightning relies on liquidity and NFTs are not liquid. However, it is possible to define a protocol that associates an OP_RETURN with ownership and allows ownership to be transferred via Lightning by sending associated currency. This would require a protocol layer parallel to Bitcoin/Lightning that stores and reads all Bitcoin transactions and those involving the node's channels as well as those with the OP_RETURN.Overall, the discussions highlight the potential of multisig schemes and Single Use Seals for on-chain aggregation seals. These approaches provide scalability and flexibility in terms of censorship risks. Additionally, there are ongoing efforts to address the scalability of NFTs using RGB and explore the possibilities of using OP_RETURN for NFT transactions on Bitcoin, including via Lightning.
Updated on: 2023-07-31T23:55:53.418698+00:00