Published on: 2023-01-31T18:36:28+00:00
Aymeric Vitte has put forth a proposal for a straightforward NFT system and universal coin swap system based on the Bitcoin blockchain. The primary function of an NFT, as outlined in the proposal, is to be bought or sold, while also serving as proof of ownership. Aymeric emphasizes the advantages of utilizing Bitcoin over other blockchains or sidechains, providing a comprehensive explanation.The proposed systems aim to be user-friendly, secure, decentralized, easy to implement, and cost-effective. Aymeric's NFT system is stored in OP_RETURN and ensures that the Bitcoin network is not overwhelmed with unnecessary data. Trust within this model is reputation-based, meaning that individuals who engage in fraudulent behavior risk losing their Bitcoin or being labeled as cheaters, potentially facing consequences in future transactions. In comparison to Lightning, Aymeric views the NFT system as more suitable for one-off deals where there may not be future transactions between buyers and sellers.The Universal Coin Swap system, similar to the Lightning network but less intricate, also stores proof of deals in OP_RETURN. Trust is established through a reputation model, and the system aims to be compatible with all blockchains and tokens, ensuring affordability for users. While both proposals prioritize decentralization, Aymeric acknowledges the need for certain tools and wallets to simplify the process for users.Aymeric invites feedback and review on these proposals, providing links to their CV, LinkedIn, GitHub, and other relevant projects they have worked on.
Updated on: 2023-08-01T01:00:08.092039+00:00