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0 sats \ 5 replies \ @k00b 16 Jul 2021 \ on: Jack Dorsey Announces New Square Division To Build DeFi on Bitcoin bitcoin
I wish they provided more details on how they intend to provide DeFi. Are they building on sidechains, building their own, or building something on-chain with a forward hope of more op codes?
My personal hope is that they build on LN. Its capabilities in the financial realm have hardly been explored. Lots of people get that lightning is great for payments, but did you know you can also add business logic to it? I.e. "send $X to John in such a way that he only gets it if Y happens" -- or from John's perspective: "someone sent you $X but you have to do Y to get it"
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It would make sense for them to build on top of lightning given the investment SqCrypto is putting into the LDK.
Yeah! My understanding is that so long as you can encode
Y definitely happened as a preimage, you can use Lightning to incentivize John to do Y.I was asking about an HTLC based storage system on Twitter and xraid replied with this project https://github.com/joostjager/deadmensbutton.
Naively, for something like storage you need some kind of watchtower like thing periodically sending incentives John. But for short duration work you can probably achieve it quite elegantly.
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I would be rad if they did stick to L2. It skipped my mind as a possiblity.
I met cryptoquick at https://pleb.fi in Miami and he mentioned someone on https://bitcoinhackers.org was doing a lot of work on L2 smart contracts.
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