I think it mostly comes down to the fact that it’s hard to anticipate and predict complex emergent behavior and how technology needs to be designed to address that behavior. We do see layered architecture in many other areas of tech and society, so I think the fact that we’re seeing Bitcoin develop in layers over time makes sense
There are a couple different backup schemes that ar conceptually similar to how you backup a seed phrase, but there is some extra complexity to it. See here for some more detail: stacker.news/items/274218
So how interested would you be Ian if there was the ability for Anyone and I do mean Anyone to Mint a Fungible Transaction. No One would have Patent Rights, intellectual or otherwise on the Minting of this Fungible Transaction. Please indicate your level of interest to this Proposal, aka not interested, somewhat interested, very interested... 😊
@IanMajor Please forgive the length of my Explanation Brother, but I believe a preface is necessary to explain my Previous Comment. I believe that Bitcoin defines what Money is...Money being a Fungible Unit of Account, the smallest unit of which are Satoshis. Because there will only ever be 21 Million or 2.1 Quadrillion Sats Ever Minted or Rewarded, these Sats will have Increasing Purchasing over time. The Characteristic of Bitcoin have Increasing Purchasing Power over Time is Validated by Decentralized Proof of Work, an Immutable Ledger, and the Network Effect. Currencies are Centralized Bebt Based Units of Account, Printed without limit by Central Banks which Compel Governments and their Citizens to transact in. These Currency Units aka Debt Based Units Lose their Purchasing Power over Time. Let us no Longer Conflate Money with Currency !!! Bitcoin obviously is an Electronic Permissionless Peer to Peer Payment System, regardless of how Governments chose to classify it or attempt to Ban it, or constrict it thru KYC. However, Bitcoin is expensive to transact in given its Low Transactions per Second Rate. At the time of this writing their are Roughly 15 Sats to 1 US Penny. Soon it will be 10 Sats per Penny, then 5; with 1 cent, 1 Sat Parity likely occurring near the 2028 or 2032 halving...But Bitcoiners know that it will not stop there, but rather continue to10 cents per 1 Sat, 100 cents per 1 Sat, etc... Bitcoiners know this because the supply of Central Bank Debt Based Currencies will continue to increase over Time. The Bitcoin Base Lase Layer is Decentralized, Bitcoin L2s or Sidechains, although i believe their intentions are Good, are still CENTRALIZED. We just need a DECENTRALIZED L2 or Sidechain that Functions as a NON DEBT BASED CURRENCY; that also solves the Blockchain Trilemma. The Blockchain Trilemma defined per Google refers to the trade-off between 3 critical aspects of blockchain technology: Security, scalability, and decentralisation. Let's call this L2 a CURRENCY UNIT BLOCK Integer TRANSACTION aka CUBiT. The Unique Non Repeating Variables are assigned unique integer values greater than or equal to 1. The First Variable has the lowest integer value and the Last Variable has the highest integer value. The Permutation ID and the Transaction ID are read from the Bottom Left Layer to the Top Right Layer. This Protocol is OPEN SOURCE and DECENTRALIZED. NO ONE has Governance or Censorship Rights over it !!! NO ONE will place a PATENT upon it. ANYONE can construct a CUBiT. The idea here is that instead of Guesing a NONCE, we are Building NONCES !!!These Cubits come in 3 Levels: The Example Below is a Level 1 - 3 Integer Cubit. Expressed by a Notatation of 3C1: ABC BCA CAB BCA CAB ABC CAB ABC BCA The Layers L1, L2, L3 in the above example are read from left to right. The Permutation ID is as follows: ABCBCACABBCACABABCCABABCBCA. 3 Integer Level 1 Cubits aka 3C1 have 24 Unique Permutations. 3C1. 3 representing 3x3x3 on an XYZ axis. The Minter: aka any Human on Planet Earth, can choose unique integer values for the set of given variables. Example A=1, B=2, C=3 in the above example would produce the following Transaction ID: 123231312231312123312123231 Again, why guess a nonce when one can build it instead... Individual Bitcoin Nodes would record the Permutations ID and the Transaction ID associated the Permutation on an Immutable Ledger. The Permutation ID would not be Deemed Minted Currency, but the Transaction ID would be considered Minted Currency. The Level 1 CUBITS would start with a Potential Value of 1/1000th of a Satoshi or .001 Sat. If the same Permutation is repeatedly used to produce Transactions, it loses Purchasing Power thus .001 Sats become .0009, .0008, etc...to the point where it becomes a NanoSat aka 10^-9; this is the point where inflation would end. Once all 24 Permutations are exhausted on a 3C1 Cubit. Then we would proceed to a 4C1 aka 4 integer Level 1 Cubit, with all Possible Permutations starting with a Value of .001 Sat. All Permutations and associated Transactions would be published on a Blockchain Ledger to Record the Permutation IDs and Transaction IDs. The Permutations once discovered, could be used repeatedly, but Transactions would be unique in order to avoid the. The Self Hosted Notes would confirm Permutation IDs are indeed Valid. The Nodes would also confirm the Transactions Ids are Unique, Valid and Linked or Associated with the Permutation ID; in order to eliminate a Double Spend. While these CUBiTs could be Stored in a Cold Wallet to be received and sent among Humans. They could also be Publshed and Minted "On the Fly". It is my Sincere and Humble Hope that you see the Value of what is currently just a Protocol with Potential. Satoshi solved the Money Problem, so let us and Humanity solve the Currency Problem. I'll be more than happy to provide examples of 4 integer Level 1 CUBiTs aka 4C1, and 2x2 integer Level 2 CUBiTs 2C2 and 2x2x2 Level 3 CUBiTs 2C3. By the way there are 20376 Possible Permutations a 4C1 CUBiT. THANK YOU for your Patience on this as I know this will be a bit Mind Bending...
This is the explainer video I've been looking for for YEARS! Thank you!
Nice! Glad to hear that this was helpful
I think that custodial lightning solutions like, Wallet of Satoshi for example, should convert to cashu e-cash instead of their internal ledger.
Thanks!
Much appreciated 🙏
Seems like a good person to follow if you want to tap into latest BIPs
Danke!
Thank you for the support! 🙏
Excellent video, once again. Helps a lot to follow the Bitcoin payment evolution. Thx a lot!
Question : why those things - necessities - were not all ready thought of in the white paper ?
He could not address everything.
I think it mostly comes down to the fact that it’s hard to anticipate and predict complex emergent behavior and how technology needs to be designed to address that behavior. We do see layered architecture in many other areas of tech and society, so I think the fact that we’re seeing Bitcoin develop in layers over time makes sense
Is it possible to do ecash on layer1 without a mint?
I'm not aware of a way to do ecash (with all its privacy-preserving properties) on L1 at this time
You need a bolt11 backend. Very easy to setup
Thanks for your content Ian, it is much appreciated and there's clearly always more to learn.
Enjoy the journey 🤝
Interested in eCash but I'm not deep into it. What if I lost phone. not sure how to restore
Perhaps you should take 5 mins to check it out.
@@satoshischrockamoto yes. So many topics.
Trying to figure out silent paynents
There are a couple different backup schemes that ar conceptually similar to how you backup a seed phrase, but there is some extra complexity to it. See here for some more detail: stacker.news/items/274218
thanks for your efforts🧡
Thank you mate
trade offs! trade offs everywhere.
The one thing we cannot escape!
So how interested would you be Ian if there was the ability for Anyone and I do mean Anyone to Mint a Fungible Transaction. No One would have Patent Rights, intellectual or otherwise on the Minting of this Fungible Transaction. Please indicate your level of interest to this Proposal, aka not interested, somewhat interested, very interested... 😊
Not sure I follow?
@IanMajor
Please forgive the length of my Explanation Brother, but I believe a preface is necessary to explain my Previous Comment. I believe that Bitcoin defines what Money is...Money being a Fungible Unit of Account, the smallest unit of which are Satoshis. Because there will only ever be 21 Million or 2.1 Quadrillion Sats Ever Minted or Rewarded, these Sats will have Increasing Purchasing over time. The Characteristic of Bitcoin have Increasing Purchasing Power over Time is Validated by Decentralized Proof of Work, an Immutable Ledger, and the Network Effect. Currencies are Centralized Bebt Based Units of Account, Printed without limit by Central Banks which Compel Governments and their Citizens to transact in. These Currency Units aka Debt Based Units Lose their Purchasing Power over Time. Let us no Longer Conflate Money with Currency !!!
Bitcoin obviously is an Electronic Permissionless Peer to Peer Payment System, regardless of how Governments chose to classify it or attempt to Ban it, or constrict it thru KYC. However, Bitcoin is expensive to transact in given its Low Transactions per Second Rate. At the time of this writing their are Roughly 15 Sats to 1 US Penny. Soon it will be 10 Sats per Penny, then 5; with 1 cent, 1 Sat Parity likely occurring near the 2028 or 2032 halving...But Bitcoiners know that it will not stop there, but rather continue to10 cents per 1 Sat, 100 cents per 1 Sat, etc... Bitcoiners know this because the supply of Central Bank Debt Based Currencies will continue to increase over Time.
The Bitcoin Base Lase Layer is Decentralized, Bitcoin L2s or Sidechains, although i believe their intentions are Good, are still CENTRALIZED. We just need a DECENTRALIZED L2 or Sidechain that Functions as a NON DEBT BASED CURRENCY; that also solves the Blockchain Trilemma. The Blockchain Trilemma defined per Google refers to the trade-off between 3 critical aspects of blockchain technology: Security, scalability, and decentralisation. Let's call this L2 a CURRENCY UNIT BLOCK Integer TRANSACTION aka CUBiT. The Unique Non Repeating Variables are assigned unique integer values greater than or equal to 1. The First Variable has the lowest integer value and the Last Variable has the highest integer value. The Permutation ID and the Transaction ID are read from the Bottom Left Layer to the Top Right Layer. This Protocol is OPEN SOURCE and DECENTRALIZED. NO ONE has Governance or Censorship Rights over it !!! NO ONE will place a PATENT upon it. ANYONE can construct a CUBiT. The idea here is that instead of Guesing a NONCE, we are Building NONCES !!!These Cubits come in 3 Levels:
The Example Below is a Level 1 - 3 Integer Cubit. Expressed by a Notatation of 3C1:
ABC BCA CAB
BCA CAB ABC
CAB ABC BCA
The Layers L1, L2, L3 in the above example are read from left to right.
The Permutation ID is as follows: ABCBCACABBCACABABCCABABCBCA.
3 Integer Level 1 Cubits aka 3C1 have 24 Unique Permutations.
3C1. 3 representing 3x3x3 on an XYZ axis.
The Minter: aka any Human on Planet Earth, can choose unique integer values for the set of given variables. Example A=1, B=2, C=3 in the above example would produce the following Transaction ID: 123231312231312123312123231
Again, why guess a nonce when one can build it instead...
Individual Bitcoin Nodes would record the Permutations ID and the Transaction ID associated the Permutation on an Immutable Ledger. The Permutation ID would not be Deemed Minted Currency, but the Transaction ID would be considered Minted Currency. The Level 1 CUBITS would start with a Potential Value of 1/1000th of a Satoshi or .001 Sat. If the same Permutation is repeatedly used to produce Transactions, it loses Purchasing Power thus .001 Sats become .0009, .0008, etc...to the point where it becomes a NanoSat aka 10^-9; this is the point where inflation would end. Once all 24 Permutations are exhausted on a 3C1 Cubit.
Then we would proceed to a 4C1 aka 4 integer Level 1 Cubit, with all Possible Permutations starting with a Value of .001 Sat. All Permutations and associated Transactions would be published on a Blockchain Ledger to Record the Permutation IDs and Transaction IDs. The Permutations once discovered, could be used repeatedly, but Transactions would be unique in order to avoid the. The Self Hosted Notes would confirm Permutation IDs are indeed Valid. The Nodes would also confirm the Transactions Ids are Unique, Valid and Linked or Associated with the Permutation ID; in order to eliminate a Double Spend.
While these CUBiTs could be Stored in a Cold Wallet to be received and sent among Humans. They could also be Publshed and Minted "On the Fly". It is my Sincere and Humble Hope that you see the Value of what is currently just a Protocol with Potential. Satoshi solved the Money Problem, so let us and Humanity solve the Currency Problem.
I'll be more than happy to provide examples of 4 integer Level 1 CUBiTs aka 4C1, and 2x2 integer Level 2 CUBiTs 2C2 and 2x2x2 Level 3 CUBiTs 2C3. By the way there are 20376 Possible Permutations a 4C1 CUBiT.
THANK YOU for your Patience on this as I know this will be a bit Mind Bending...
👍
Is Cashu & Bitcoin eCash The Future?
NO.
I actually hope it’s not because that means we’ve failed to enable self-custodial usage for everyone