Payment channels and Lightning Network; balancing privacy and scaling; covenant technology, recursive constraints (Emin Gün Sirer); time-locked UTXOs; MimbleWimble; TumbleBit; ZeroCash; Segregated Witness/ SegWit. Bitcoin is an incubator for black swans. Underneath all the high-level debate about block size, the innovation has been accelerating for two years.
Transcript
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first of all I wanted to thank you very much for all you do in the Bitcoin space um I'm like Pamela a lawyer and you were like P Pamela and yourself were important factors in me getting extremely excited about um about the space and what you can do for even a traditional uh coming from a very traditional uh profession where we like to stay put uh and I would like to I I hope that many more lawyers get on get on board on this so I'm going to do my best to get them enthusiastic um and I find myself um studying this space and constantly being excited about what is possible because we have to reinvent our whole industry new business models and every day I come across something I think wow I why didn't I think about this and I was wondering if you still get excited about things that you you come across what was the last time that you really got excited thought I never saw that coming oh uh that's probably a weekly experience for me I just just keeping up to date with what's happening in Bitcoin Innovation is something that's a full-time job and I barely managed to do it myself um I'm very excited about some of the new technologies obviously uh payment channels and lightning Network we were talking about today I don't think people realize how deep this technology is and how uh transformational it can be yet but there's so many other things that people have never heard of that I find fascinating um one of the interesting things about the recent scaling conference in Milan was that it was a Showcase of a lot of different approaches towards both privacy and scaling um and some of those ideas were just mindblowing I'm reading the papers and trying to understand them most recently I um heard and better understood uh covenants Covenant technology which is the ability to put uh recursive constraints on forward-looking transactions it was presented by Emon goner at Bitcoin scaling just a basic presentation um you have to read the white paper to understand it better this is still fascinating technology you can say this utxo is locked in time but also the transaction that spends it has to spend this much to this output and has to have a multisig or has to have a time lock and then the transaction that spends that also has to have a time lock so you can chain things into the future that's fascinating um mimble wimble who's heard of mimble wimble okay who understood mimble wimble oh could nobody tried to lie I have no like I can't even um mimble wimble is an application of elliptic curve mathematics to a chain that allows you to do radical pruning extreme scill ability and extreme privacy all in one chain it was dropped onto an IRC Channel as an encrypted tour link by someone who used the French name for Voldemort from the Harry Potter books who we have no idea who it is so when I say that Bitcoin is an incubator for black swans that's what I mean like you think everything's going along normally and some completely Anonymous person drops a piece of just mindblowing science and the entire Community goes what what the um we're still trying to understand it uh some of the smartest cryptographers spent weeks trying to understand it and then to explain it at scaling um tumble bits zero cach um segregated witness itself all of these Technologies are fascinating to me and again one of the things that I've appreciated about Bitcoin is we have this highlevel debate that everybody's getting all focused on about the block Etc and what that's missing is that underneath in the development Community the innovation has been accelerating for the last two years and the stuff that's coming out it's going to take two or three years to be in your wallet but it will blow your mind yeah still excited every single day still learning every single day great well thanks keep up the thank you