1. Home
  2. Discover
  3. Crypto
  4. Marty Bent

Marty's Ƀent - May 19th, 2021 - Issue #995

Wednesday, May 19th 2021 - Issue #995

BIP 118 discussion heats up
The strive to make Bitcoin as resilient and useful as possible never stops. We've been talking a lot about the ongoing efforts to get Taproot activated and live on the network over the last year. As that activation process progresses, it seems that the drum is beginning to beat for another upgrade to the network that would enable some really cool use cases for off-chain protocols like the Lightning Network while enabling new layer two solutions to be unlocked; particularly, spacechains.

All of this may sound like gibberish to any of you freaks who may be new to this rag, or Bitcoin overall. At the end of the day, the activation of SIGHASH_ANYPREVOUT as described in BIP-118 would improve the Lightning Network by making channel management significantly easier and more robust. Things like lightweight Watchtowers - which ensure node operators aren't acting nefariously against their channel counterparts, and channel factories - which enable multiple people to participate in the opening of a channel, would be made possible. Increasing security and scalability of the second layer solution.

On top of this, anyprevout would also create the conditions that would make spacechains possible by making it possible to create more complex covenants. Spacechains enable blind merge-mined sidechains that do not have a two-way peg mechanism like Liquid or native tokens. This would allow for the creation of robust smart contracting outside of the protocol layer. Allowing users to create very elaborate contracts that do not burden the protocol layer with data bloat. Even better, these one-way peg blind merge-mined sidechains would be contributing to the security budget of the Bitcoin network because users would have to pay fees to create their pegs.

This would not be the only benefit of more complex covenants, they would also enable more secure vaults, which allow users to secure their bitcoin with very strict spending conditions.

All in all, these improvements sound incredible on paper. However, there is much to do in terms of discussion around the tradeoffs that come with anyprevout and actually writing the code that would make it possible in the first place. As we try to do with all of these potential Bitcoin improvements, we will keep you freaks abreast of the situation as it progresses. Onward!   
Final thought...

Morning runs > afternoon runs.
Looking to buy bitcoin with ease? Download the Cash App, use the code "stackingsats", get $10 and Cash App will send $10 to our friends at OWLS Lacrosse.
If you'd like to set up a one-on-one chat to learn more about Bitcoin I offer consulting services for an hourly fee. Please feel free to respond to this email if you're interested.
Share
Tweet
Forward
Hope you enjoyed today's issue. If you have any friends that are looking to find out more about Bitcoin have them sign up for this newsletter here:
 
Get Ƀent

Ƀent noun 1. direction taken, as by one's interests; inclination.

Thanks for reading Marty's Ƀent, a daily newsletter containing all the information I found interesting in the Bitcoin world in the last 24 hours.
Copyright © 2020  TFTC.io, LLC  All rights reserved. 

Want to change how you receive these emails?
You can update your preferences or Ƀent Over!
 

Older messages

Marty's Ƀent - May 18th, 2021 - Issue #994

Tuesday, May 18, 2021

Tuesday, May 18th 2021 - Issue #994 More Taproot activation context Yesterday, Bitcoin Core contributor Anthony Towns published a blogpost with his perspective on the debate that led up to the Speedy

Marty's Ƀent - May 17th, 2021 - Issue #993

Tuesday, May 18, 2021

Monday, May 17th 2021 - Issue #993 More pools are signaling Taproot Over the weekend, while everyone, their mother, and their Uncle Marty was caught up in the Elon Musk drama (I hate myself for getting

The Sat Standard - Bitcoin Weekly - May 15 2021

Saturday, May 15, 2021

This week in bitcoin. Straight to the point. No bullshit. Every Saturday. View this email in your browser The Sat Standard This week in bitcoin. Straight to the point. No bullshit. Every Saturday.

Marty's Ƀent - May 14th, 2021 - Issue #992

Friday, May 14, 2021

Friday, May 14th 2021 - Issue #992 FREEDOM Been a pretty heady week in Bitcoin land. Pipelines being held ransom with hackers demanding bitcoin as payment. Billionaires poo-poo'ing Bitcoin's

Marty's Ƀent - May 12th, 2021 - Issue #990

Friday, May 14, 2021

Wednesday, May 12th 2021 - Issue #990 Check your privilege, Western Elites Very good friend of the rag and the pod Alex Gladstein dropped a piece for Bitcoin Magazine earlier today that I highly

You Might Also Like

Texas doubles down on crypto with new $250 million Bitcoin reserve bill

Tuesday, March 11, 2025

Texas' second crypto bill seeks to enhance state and local government participation in digital asset investments. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

How-ey Can Get Out of Here

Tuesday, March 11, 2025

How On-Chain Data Can Clarify the Regulation of Cryptoassets ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

February CEX Data Report: Significant Decline in Trading Volume Across Major CEXs - Spot Down 21%, Derivatives Dow…

Tuesday, March 11, 2025

In February 2025, the spot trading volume of major CEXs decreased by 21% compared to January. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

El Salvador defies IMF, continues Bitcoin purchases amid market downtrend

Monday, March 10, 2025

El Salvador's Bitcoin holdings grow to $504 million, challenging IMF directives amid sharp price declines. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🖊️ Trump signed an Executive Order for a US Strategic Bitcoin Reserve; Cronos proposed to reissue 70 billion CRO …

Monday, March 10, 2025

Trump signed an Executive Order for a US Strategic Bitcoin Reserve; Cronos proposed to reissue 70 billion CRO for a Cronos Strategic Reserve; Texas's Senate passed bitcoin reserve bill SB-21 ͏ ͏ ͏

Vitalik TAKO AMA: ETH Positioning, Sequencer Centralization, L1 vs L2, Governance, and Success Metrics

Monday, March 10, 2025

On the evening of February 19th at 12 PM UTC and lasting until 12 PM UTC on February 20th, Vitalik Buterin, the founder of Ethereum, was invited to participate in a flash text interview on Tako (a

Donald Trump Creates U.S. Bitcoin Reserve

Monday, March 10, 2025

March 10th, 2025 Sign Up Your Weekly Update On All Things Crypto TL;DR Donald Trump Creates US Bitcoin Reserve Diddy Shows 'Kindness' To Sam Bankman-Fried Robinhood Conducts $1M Crypto Trivia

Bitcoin’s realized volatility surges in as traders face extreme price swings

Sunday, March 9, 2025

Volatility clustering in Bitcoin reveals the impact of turbulent rallies and sharp pullbacks. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Asia's weekly TOP10 crypto news (Mar 3 to Mar 9)

Sunday, March 9, 2025

Ms. Sun Xueling, Minister of State, Ministry of Home Affairs of Singapore, said that cryptocurrency fraud cases accounted for a quarter of the total loss amount involved in fraud last year. ͏ ͏ ͏ ͏ ͏ ͏

Trump declares end to ‘war on crypto,’ vows to propel America to Bitcoin supremacy

Saturday, March 8, 2025

Trump brands the Biden era as a crypto setback, .President Trump vows to make America the Bitcoin leader, ending Operation Chokepoint 2.0 and bolstering crypto strategies. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏