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BiblePay Current Discussion / Re: BiblePay | 10% to Orphan-Charity | RANDOMX MINING | Sanctuaries (Masternodes)
« on: November 18, 2023, 07:17:15 AM »
Just getting everyone warmed up for the next phase of development on BBP.
We have some major camps in Crypto, with BTC being the King and giving the user the ability to send digital cash with the users balance is the sum of their wallet addresses unspent outputs. Their code is relatively pristine in that they do not like to add a bunch of things (other than misc data) to the blocks, and therefore leave other use cases to be off the blockchain (like lightning network).
Ethereum, a virtual state machine computer, maintains a ledger of balances and allows smart contracts to be stored and run in provable sequence as blocks tick by. Both users can have balances, and contracts can have balances. One distinction is that Ethereum allows balances to be transferred by Account (similar to XRP), rather than UTXO.
And then we have Storj, who has over 5000 mining hard drives storing fragments of files around the world. So they provably allow reconstruction of files pointed to by transactions. Essentially file storage on the blockchain, but still require gateways to be added downstream to make sense of all the cool storage.
Revisiting the Difference Between UTXO and Account Balance Model
UTXO and Account Balance Models are two different ways to track funds and transactions; Bitcoin uses UTXO, while Ethereum uses the Account Balance Model.
Bitcoin is based on the UTXO blockchain model where a transaction is divided into different parts – inputs and outputs. The user’s wallet balance keeps track of all the UTXO transactions.
Ethereum is based on the Account/Balance model. This model ensures that the account balance is large enough or at least equal to the transaction amount to be spent.
In general, most developers consider the UTXO model to be more secure and it requires less storage compared to the Account/Balance model, which needs more storage for big blocks of data.
So in summary we have:
BTC -> Ability to transfer cash easily. Pros: A pristine codebase. Cons: Functionality must be built off the chain.
DASH -> Instantly transfer cash with instantsend. Pros: A reliable way to instantly send money, developed Masternodes. Cons: Cannot execute code contracts or store massive amounts of data.
ETH -> A virtual state machine executing smart contracts. Pros: Smart contracts for financial purposes can be transacted. Cons: Limited variable states per contract can be memorized, and only limited data storage can be represented. Expensive tx fees when busy. NFTs are simply URL pointers that can die after a while.
BBP -> "The plan can be discussed" to make a place for us. The use case can be along the lines of a provable unlimited synchronized global database. This allows serialized transactions to run as blocks tick by that are synchronized across the cockroachdb nodes, and each tx will affect the state of each db sub-tier. NFTs can be rewritten using a new spec that make them immutable and more useful than now. Front end business systems can be written that will use BBPs built in tx's rather than a database. BBP itself can use its own storage system to replace its database storage for Expenses, Revenue, Videos, Timeline, GospelLinks, and Email, etc.
We have some major camps in Crypto, with BTC being the King and giving the user the ability to send digital cash with the users balance is the sum of their wallet addresses unspent outputs. Their code is relatively pristine in that they do not like to add a bunch of things (other than misc data) to the blocks, and therefore leave other use cases to be off the blockchain (like lightning network).
Ethereum, a virtual state machine computer, maintains a ledger of balances and allows smart contracts to be stored and run in provable sequence as blocks tick by. Both users can have balances, and contracts can have balances. One distinction is that Ethereum allows balances to be transferred by Account (similar to XRP), rather than UTXO.
And then we have Storj, who has over 5000 mining hard drives storing fragments of files around the world. So they provably allow reconstruction of files pointed to by transactions. Essentially file storage on the blockchain, but still require gateways to be added downstream to make sense of all the cool storage.
Revisiting the Difference Between UTXO and Account Balance Model
UTXO and Account Balance Models are two different ways to track funds and transactions; Bitcoin uses UTXO, while Ethereum uses the Account Balance Model.
Bitcoin is based on the UTXO blockchain model where a transaction is divided into different parts – inputs and outputs. The user’s wallet balance keeps track of all the UTXO transactions.
Ethereum is based on the Account/Balance model. This model ensures that the account balance is large enough or at least equal to the transaction amount to be spent.
In general, most developers consider the UTXO model to be more secure and it requires less storage compared to the Account/Balance model, which needs more storage for big blocks of data.
So in summary we have:
BTC -> Ability to transfer cash easily. Pros: A pristine codebase. Cons: Functionality must be built off the chain.
DASH -> Instantly transfer cash with instantsend. Pros: A reliable way to instantly send money, developed Masternodes. Cons: Cannot execute code contracts or store massive amounts of data.
ETH -> A virtual state machine executing smart contracts. Pros: Smart contracts for financial purposes can be transacted. Cons: Limited variable states per contract can be memorized, and only limited data storage can be represented. Expensive tx fees when busy. NFTs are simply URL pointers that can die after a while.
BBP -> "The plan can be discussed" to make a place for us. The use case can be along the lines of a provable unlimited synchronized global database. This allows serialized transactions to run as blocks tick by that are synchronized across the cockroachdb nodes, and each tx will affect the state of each db sub-tier. NFTs can be rewritten using a new spec that make them immutable and more useful than now. Front end business systems can be written that will use BBPs built in tx's rather than a database. BBP itself can use its own storage system to replace its database storage for Expenses, Revenue, Videos, Timeline, GospelLinks, and Email, etc.