Ruben Somsen joined “The Van Wirdum Sjorsnado” to discuss the pros and cons of his softchains proposal.
Listen To This Episode:
Apple
Spotify
Google
Libsyn
Overcast
In this episode of “The Van Wirdum Sjorsnado,” hosts Aaron van Wirdum and Sjors Provoost were once again joined by Ruben Somsen. This time, they discussed one of Ruben’s own proposals, called “softchains.”
Softchains are a type of two-way peg sidechain that utilizes a new type of consensus mechanism: proof-of-work fraud proofs (or, as Provoost prefers to call them, “proof-of-work fraud indicators”). Using this consensus mechanism, users don’t validate the content of each block, but instead only check the proof-of-work header, like simplified payment verification (SPV) clients do. By using proof-of-work fraud proofs, users do validate the entire content of blocks any time a blockchain fork occurs. This offers a security model in between full node security and SPV security.
Somsen explained that by using proof-of-work fraud proofs for sidechains to create softchains, Bitcoin full nodes could validate entire sidechains at minimal cost. This new model might be useful for certain types of sidechains, most notably “block size increase” sidechains that do nothing fancy but do offer more transaction capacity. Van Wirdum, Provoost and Somsen also discussed some of the downsides of the softchain model.
SkyBridge Capital, founded by Anthony Scaramucci, is the latest to file for regulatory approval to offer a bitcoin exchange-traded fund.In the latest within a growing trend, SkyBridge Capital has filed for regulatory approval with the U.S. Securities and Exchange Commission (SEC) to offer a bitcoin exchange-traded fund (ETF).In an S-1 filing dated on March 19,…
The bitcoin price reached $49,000 this week, fueled by a slew of major adoption events. So, what could be next?It may be a milestone that is losing some of it’s novelty, but bitcoin once again eclipsed its all-time price high this week, reaching a USD value of $49,000 on Bitstamp today.Sometimes bitcoin’s price movement can…
Kenanga Investment Bank to partner with Ant Group to launch a super app housing all of its financial services including a bitcoin and crypto digital wallet.Kenanga Investment Bank to launch a super app in 2023 which will support bitcoin and other cryptocurrencies.The bank boasts over 500,000 users and wants to distribute its product to other…
The Santa Fe Institute has a history of studying complex adaptive systems. Bitcoin has a deep connection to complexity theory and thermodynamic theory.This is an opinion editorial by Spencer Nichols, a contributor at Bitcoin Magazine. (Photograph/Spencer Nichols) “Continuous growth and the consequent ever-increasing acceleration of the pace of life have profound consequences for the entire planet……
On Sunday evening famous whistleblower Edward Snowden commented on Bitcoin’s resilient price rise over the last year and a half despite global campaigns by governments to undermine the network.On Sunday evening famous whistleblower Edward Snowden commented on Bitcoin’s resilient price rise over the last year and a half despite global campaigns by governments to undermine…
It's not only the duty of the Bitcoin fathers out there, but the obligation to continue to stack sats for our children.This is an opinion editorial by Anthony Feliciano, a Bitcoin event organizer and father of two.On June 19, 2022, we’ll be celebrating Father's Day and many of us will wonder, what do you get…
The U.S. Federal Bureau of Investigation (FBI) has questions in its ongoing investigation into the mysterious $190 million collapse of Canadian crypto exchange QuadrigaCX, so it’s turning to previous customers of the exchange for answers. Yesterday, the agency posted a questionnaire on its website requesting responses from QuadrigaCX victims. In cooperation with various departments of…
Four institutions with significant stakes in the success of Bitcoin launched a trade group to lobby policymakers for favorable regulation.Fidelity, Square, Coinbase and investment firm Paradigm are joining together to form a new council to lobby policy makers to support the burgeoning Bitcoin and cryptocurrency industry, according to The Wall Street Journal. The formation of…
Today, Bitwise Asset Management unveiled a new initiative, confirming their pledge to allocate 10% of profits from the Bitwise Bitcoin ETF (BITB) towards supporting Bitcoin open-source development, according to a press release sent to Bitcoin Magazine. The donations will benefit three esteemed non-profit organizations - Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund. “Bitcoin was