Bitcoin Drive Chain creator Paul Sztorc on BTC’s stagnation & Monero’s progress (MT #297) (youtu.be)

submitted 10 months ago by monerotalk@monero.town to c/monero@monero.town

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TODAY'S 🎙SHOW: Douglas Tuman interviews Paul Sztorc, an OG Bitcoiner and Dev and the inventor of Bitcoin drivechains.

The two discuss Topics including Bitcoin's stagnation, the potential of Monero to be the worlds digital cash protocol, issues with Lightning Network adoption, drivechains as a scaling solution, why Bitcoin has not adopted them and the possibility of Monero to do so.

They also discuss Monero's superior privacy technology and utility for payments and the need for cryptocurrencies to provide actual utility beyond being a means of speculation.

Watch Here (YouTube) ➡️ https://youtu.be/fX6mfZgopEA

Watch Here (Odysee) ➡️ https://odysee.com/@MoneroTalk:8/bitcoin-drive-chain-creator-paul-sztorc:a

Listen Here 🎧: https://www.monerotalk.live/bitcoin-drive-chain-creator-paul-sztorc-on-btc-s-stagnation-monero-s-progress-epi-297

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[-] g2devi@feddit.nl 4 points 10 months ago

For the record, this is more information on how drive chains are implemented in Z-Cash: https://lightco.in/2020/04/30/xcat-drivechain/ .

Essentially, a drive chain works by defining a wallet to accept payments and return money. When you put money in the wallet with a note on which sidechain wallet you want to have the money directed, a token representing the money placed into the money deposited is placed into the sidechain wallet. To remove money from the side chain, you send a note to the side chain where to send the money to and the tokens are destroyed and the wallet that you deposited the money returns the money to you.

This is extremely easy to build in Monero and is transparent that there is a point of trust (unlike BTC's Lightning where at least the wallet appears it's completely noncustodial), and that everything from Monero-LIghtning to Monero-Liquid to Monero-EtheriumCompetitor to even a currency exchange (put money into the wallet pool in one currency and get money back in the other currency by a drivechain on the other currency) can be built into Monero. It's also clear that it could be done today without the Monero developers permission, but without some kind of endorsement, no-one would trust it since it's so easy to rug pull.