Author: Aymeric Vitte 2023-01-26 20:15:38
Published on: 2023-01-26T20:15:38+00:00
Aymeric Vitte proposed a simple NFT system and a universal coin swap system based on Bitcoin blockchain. According to the proposal, the main purpose of an NFT is to be sold or bought, but it can also serve as proof of ownership. The advantages of using Bitcoin over Ethereum or any other blockchain/sidechain are explained in detail. Both systems proposed by Aymeric aim to be simple, secure, decentralized, easy to implement/use, and not expensive for users. The NFT system proposed by Aymeric is stored in OP_RETURN and doesn't flood the Bitcoin network with unnecessary data. The trust model here is reputation-based, and if someone cheats, they lose their Bitcoin or get tagged as a cheater, which can have consequences later. In comparison to Lightning, Aymeric sees the NFT system as more suitable for one-time deals, where buyers and sellers don't know if they'll transact again. The Universal Coin Swap system proposed by Aymeric is similar to the Lightning network but less sophisticated. The proof of deals in this system is also stored in OP_RETURN, and the trust is based on a reputation model. This system aims to work for all blockchains/tokens and is not expensive for users. Both proposals are intended to be decentralized, but some tools/wallets must ease the process for users. Aymeric invites comments and review on his proposals.
Updated on: 2023-06-03T11:36:27.310373+00:00