First if all, I'm not pounding a war drum for OP_CAT. I came here with multiple solutions to discuss. I specifically stated that I want to talk to someone who is more technically minded than me about it.
Scalability solved.
The reason this is suggested solution by the BITCOIN community, (people like Andrew Poelstra of blockstream, and authored by Ethan Heilman who is heavily involved in BIP 360, as well as being responsible for mathematically destroying shitcoins), is because it allows payments to miners to scale.
The sequences aren't a middle man between L2 and L1, they are the ones that collect and aggregate all of the small fees in order to pay the massive transaction costs to the miners.
Yes, scaling would initially hurt miners, look up Jevons Paradox. But the whole basis is that you could on board the entire planet, and L1 would be sustained by the massive economic weight of all of those transactions.
Because OP_CAT allows you to combine pieces of data directly in Bitcoin Script, it allows developers to build complex new signature schemes that rely only on hashes, rather than elliptic curves. Specifically Lamport signatures or Witernitz signatures so NO you're not required to switch to another network.
A true ZK-rollup on Bitcoin wouldn't be a federated, custodial sidechain. A covenant mathematically guarantees your unilateral right to force-exit your UTXO back to L1 at any time, without the sequencer's permission. It inherits Bitcoin's base-layer security.
If you don't like this solution, fine. If there's problems with this solution, fine. But this IS a solution and it IS supported by prominent people within the BITCOIN community.
First if all, I'm not pounding a war drum for OP_CAT. I came here with multiple solutions to discuss. I specifically stated that I want to talk to someone who is more technically minded than me about it.
The sequences aren't a middle man between L2 and L1, they are the ones that collect and aggregate all of the small fees in order to pay the massive transaction costs to the miners.
Yes, scaling would initially hurt miners, look up Jevons Paradox. But the whole basis is that you could on board the entire planet, and L1 would be sustained by the massive economic weight of all of those transactions.
A true ZK-rollup on Bitcoin wouldn't be a federated, custodial sidechain. A covenant mathematically guarantees your unilateral right to force-exit your UTXO back to L1 at any time, without the sequencer's permission. It inherits Bitcoin's base-layer security.
If you don't like this solution, fine. If there's problems with this solution, fine. But this IS a solution and it IS supported by prominent people within the BITCOIN community.
Thanks for the conversation.