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List: bitcoin-ml
Subject: [Bitcoin-ml] CashTokens & PMv3: fixed-size inductive proofs, transaction integer compatibility
From: Jason Dreyzehner via bitcoin-ml <bitcoin-ml () lists ! linuxfoundation ! org>
Date: 2021-02-05 22:26:27
Message-ID: CALunu-E8T=oUiKPoQfPHDuOfjYvavqSWhGn_m90frBDeFpy3Yw () mail ! gmail ! com
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Hi all,
I've been doing a lot of research on contract-validated token solutions for
Bitcoin Cash, and I'm hoping to get some feedback on an early-draft
proposal: PMv3: A Draft v3 Transaction for Bitcoin Cash
<https://github.com/bitjson/pmv3>.
My goal is to make it possible to develop full token systems within the
existing VM system and without requiring miners to track or validate new
kinds of data.
For a high-level introduction to Bitcoin Cash contracts, covenants, and
this inductive proof strategy, please see: CashTokens: Build Decentralized
Applications on Bitcoin Cash
<https://blog.bitjson.com/hashed-witnesses-build-decentralized-applications-on-bitcoin-cash-ccc2099a3956>
.
I also recently wrote Prediction Markets on Bitcoin Cash
<https://blog.bitjson.com/prediction-markets-on-bitcoin-cash-771945c90a84>to
highlight a major use case. I named the proposal (PMv3) after this use case to
disambiguate from any other v3 transaction proposals.
Beyond enabling miner-validated and SPV-compatible tokens, I'm convinced
that a fixed-size inductive proof solution can make BCH a more efficient,
alternative platform for many applications which are otherwise being
developed for Ethereum. (Maintaining decentralized application state in
covenants seems to offer significant, long-term scaling advantages over
Ethereum's global-state strategy.)
I've tried to summarize some of the other options I've experimented with in
the Rationale section <https://github.com/bitjson/pmv3#rationale>, but I'm
hoping to expand it based on feedback or changes recommended here.
There is a discussion happening on the new Bitcoin Cash Research forum
<https://bitcoincashresearch.org/t/cashtokens-pmv3-fixed-size-inductive-proofs-transaction-integer-compatibility/265>
.
I'd appreciate any questions, comments, or feedback you have. Thanks!
[Attachment #5 (text/html)]
<div dir="ltr"><p style="margin-top:0px;font-family:Helvetica,Arial,sans-serif;font-size:15.008px">Hi \
all,</p><p style="font-family:Helvetica,Arial,sans-serif;font-size:15.008px">I've \
been doing a lot of research on contract-validated token solutions for Bitcoin Cash, \
and I'm hoping to get some feedback on an early-draft proposal: <a \
href="https://github.com/bitjson/pmv3" rel="noopener nofollow ugc" \
style="font-size:15.008px;background-color:transparent;text-decoration-line:none">PMv3: \
A Draft v3 Transaction for Bitcoin Cash</a>.</p><p \
style="font-family:Helvetica,Arial,sans-serif;font-size:15.008px">My goal is to make \
it possible to develop full token systems within the existing VM system and without \
requiring miners to track or validate new kinds of data.</p><p \
style="font-family:Helvetica,Arial,sans-serif;font-size:15.008px">For a high-level \
introduction to Bitcoin Cash contracts, covenants, and this inductive proof strategy, \
please see: <a href="https://blog.bitjson.com/hashed-witnesses-build-decentralized-applications-on-bitcoin-cash-ccc2099a3956" \
rel="noopener nofollow ugc" \
style="background-color:transparent;text-decoration-line:none">CashTokens: Build \
Decentralized Applications on Bitcoin Cash</a>.</p><p \
style="font-family:Helvetica,Arial,sans-serif;font-size:15.008px">I also recently \
wrote <a href="https://blog.bitjson.com/prediction-markets-on-bitcoin-cash-771945c90a84" \
rel="noopener nofollow ugc" \
style="background-color:transparent;text-decoration-line:none">Prediction Markets on \
Bitcoin Cash </a>to highlight a major use case. I named the proposal <span \
style="font-family:Arial,Helvetica,sans-serif;font-size:small">(</span><code \
style="font-size:1em;font-family:Consolas,Menlo,Monaco,"Lucida \
Console","Liberation Mono","DejaVu Sans \
Mono","Bitstream Vera Sans Mono","Courier \
New",monospace">PMv3</code><span \
style="font-family:Arial,Helvetica,sans-serif;font-size:small">)</span><span \
style="font-size:15.008px"> after this use case </span><span \
style="font-size:15.008px">to disambiguate from any other v3 transaction \
proposals.</span></p><p \
style="font-family:Helvetica,Arial,sans-serif;font-size:15.008px">Beyond enabling \
miner-validated and SPV-compatible tokens, I'm convinced that a fixed-size inductive \
proof solution can make BCH a more efficient, alternative platform for many \
applications which are otherwise being developed for Ethereum. (Maintaining \
decentralized application state in covenants seems to offer significant, long-term \
scaling advantages over Ethereum's global-state strategy.)</p><p \
style="font-family:Helvetica,Arial,sans-serif;font-size:15.008px">I've tried to \
summarize some of the other options I've experimented with in the <a \
href="https://github.com/bitjson/pmv3#rationale" rel="noopener nofollow ugc" \
style="background-color:transparent;text-decoration-line:none">Rationale section</a>, \
but I'm hoping to expand it based on feedback or changes recommended here.</p><p \
style="font-family:Helvetica,Arial,sans-serif;font-size:15.008px">There is <a \
href="https://bitcoincashresearch.org/t/cashtokens-pmv3-fixed-size-inductive-proofs-transaction-integer-compatibility/265">a \
discussion happening on the new Bitcoin Cash Research forum</a>.</p><p \
style="font-family:Helvetica,Arial,sans-serif;font-size:15.008px">I'd appreciate any \
questions, comments, or feedback you have. Thanks!</p></div>
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