Sequentia: A Bitcoin sidechain that doesn't need a peg/bridgedocs.sequentia.io/signet
776 sats \ 40 comments \ @SequentiaSEQ 18 Jul bitcoin
Trying this again with fewer words...
The Sequentia Network will run on a fork of Elements (fork of Bitcoin maintained by Blockstream and used for the Liquid Network), with two key changes of which the first is already built (check out our proof of concept in the link):
  • a free market for transaction fees. I.e. tx fees proposed in any asset issued on the network; no native coin or peg and
  • anchoring between sidechain and mainchain blocks so that you can make atomic swaps between both chains in real-time (unlike cross-chain atomic swaps between standalone blockchains, which require long timelocks)
So, essentially, you could think of it as "Liquid without L-BTC", although our hope is that in time people will see what we're building as a logical extension of the ideas that got Liquid started and therefore a spiritual successor.
Hoping to release mainnet by EOY, but for that to be possible we absolutely need more feedback, criticism, and general involvement from all you plebs out there. Obviously everything we're doing is open source, and we don't just welcome external contributors, but will do everything in our power to reward and incentivize them.
Check out the signet in the link. Join us.
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256 sats \ 2 replies \ @TNStacker 18 Jul
What is this anchoring? Replacement of the peg? Without L-BTC what do you have on the sidechain?
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55 sats \ 1 reply \ @SequentiaSEQ OP 18 Jul
Instead of L-BTC, Sequentia lets you propose transaction fees using any asset issued on it.
So if you're moving USDT over the sidechain, you'll probably want to pay fees directly in USDT. If you're moving an asset with much less liquidity such that no block producer is willing to take it (or an NFT I suppose), you'll probably need something else for fees, but in any case, any asset in your wallet is eligible to propose fees with.
You could even in theory issue L-BTC on Sequentia, pay fees with it and use it exactly as on Liquid, but it's just that the network wouldn't treat it any different than any other asset.
However, anchoring makes it so that p2p swaps between assets on Sequentia and "real" BTC (mainchain/LN BTC) are viable in real-time, unlike with Liquid.
That's what makes pegged BTC pretty much unnecessary (at least for most use cases) on Sequentia.
https://docs.sequentia.io/white-paper/3.-blockchain-architecture/3.4.-bitcoin-anchoring
Sequentia wallets will therefore always first and foremost be normal Bitcoin/Lightning wallets, which will also use your bitcoin seed phrase to generate Sequentia keypairs. In that sense, we're "replacing" L-BTC with just BTC, or BTC over LN.
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0 sats \ 0 replies \ @Bell_curve 18 Jul
The provided link leads to a section of Sequentia's white paper discussing Bitcoin anchoring. Here are the key points about Sequentia's Bitcoin anchoring mechanism:
  1. Sequentia uses a Bitcoin anchoring system to enhance security and provide a trustless bridge between the Sequentia sidechain and the Bitcoin mainchain[1].
  2. The anchoring process involves creating a commitment to the Sequentia chain state and embedding it into a Bitcoin transaction[1].
  3. This commitment is typically a hash of the latest block header or a Merkle root of recent block headers[1].
  4. The anchoring transaction is broadcast to the Bitcoin network and, once confirmed, provides a tamper-evident record of the Sequentia chain state[1].
  5. This mechanism allows users to verify the integrity of the Sequentia chain by referencing the Bitcoin blockchain, which acts as a secure and decentralized timestamp server[1].
  6. Bitcoin anchoring enhances Sequentia's security by making it computationally infeasible to alter the sidechain's history without also altering Bitcoin's blockchain[1].
  7. The frequency of anchoring can be adjusted based on security requirements and cost considerations, with more frequent anchoring providing stronger security guarantees but potentially incurring higher fees[1].
  8. Sequentia's Bitcoin anchoring system plays a crucial role in maintaining the sidechain's security and facilitating interoperability with the Bitcoin mainchain[1].
This Bitcoin anchoring mechanism is a fundamental aspect of Sequentia's architecture, ensuring the sidechain's security and maintaining a strong connection to the Bitcoin network.
Citations: [1] https://docs.sequentia.io/white-paper/3.-blockchain-architecture/3.4.-bitcoin-anchoring
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23 sats \ 4 replies \ @notgeld 18 Jul
you can make atomic swaps between both chains in real-time
It is super convenient for rug pulling. The contingent scenario is not clear from this description.
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13 sats \ 3 replies \ @SequentiaSEQ OP 19 Jul
Sorry, what? I'm not sure we're understanding each other at all. Maybe my other answers in this comment section can clarify something for you?
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13 sats \ 2 replies \ @notgeld 19 Jul
Under proper peg-outs, people typically mean the existence of a unilateral exit. Your project likely misses this feature for users when the operator of the sidechain disappears.
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13 sats \ 1 reply \ @SequentiaSEQ OP 20 Jul
One of the fundamental properties of Sequentia is not needing an exit, unilateral or otherwise, because you don't need an entry.
If there is no peg in (no representation/derivative of BTC on the sidechain), then there is no peg out either of course.
You don't need to represent BTC on Sequentia because you can swap tokens on Sequentia for actual BTC on the mainchain.
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13 sats \ 0 replies \ @notgeld 20 Jul
Do you mean that you have no BTC tokens on Sequentia whatsoever?
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134 sats \ 2 replies \ @grayruby 18 Jul
Thanks for posting. Maybe you should do an AMA at some point so stackers can ask questions.
CC: @k00b
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13 sats \ 1 reply \ @SequentiaSEQ OP 19 Jul
Would be very happy to
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20 sats \ 0 replies \ @Bell_curve 23 Jul
deleted by author
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23 sats \ 1 reply \ @SatsMate 19 Jul
Thanks for sharing! What are the main problems that this seeks to solve?
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13 sats \ 0 replies \ @SequentiaSEQ OP 19 Jul
In short : using Bitcoin in disintermediated financial markets without needing to pollute bitcoin blockspace.
But maybe my other replies in this comment section can make it even clearer for you?
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13 sats \ 1 reply \ @anon 18 Jul
Your title is a lie and your post sounds so desperate for attention I highly doubt, whoever you are, that you know anything about what you’re doing.
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100 sats \ 0 replies \ @Bell_curve 18 Jul
Big words from @anon
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13 sats \ 0 replies \ @BlokchainB 18 Jul
If I ran signet I would test it out sounds cool
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13 sats \ 1 reply \ @Satoshi__Nakamoto 19 Jul
I wanna know what is liquid network
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13 sats \ 0 replies \ @SequentiaSEQ OP 19 Jul
http://liquid.net/
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21 sats \ 0 replies \ @Coinsreporter 18 Jul
Thanks for the update! Looking forward!
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21 sats \ 1 reply \ @0xbitcoiner 18 Jul
Hello! What are the downsides of this compared to LN? Thanks
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42 sats \ 0 replies \ @SequentiaSEQ OP 18 Jul
Not in the same category at all! Lightning is a payments network, Sequentia is a tokenized assets network, both are interoperable in the following senses :
  • You can use Bitcoin on LN to buy(*) assets issued on Sequentia (submarine swaps)
  • You can load assets issued on Sequentia to LN channels of their own
  • You can use Bitcoin on LN to buy(*) assets issued on Sequentia which have been loaded into LN channels of their own (lightning swaps)
  • You can perform multi-hop asset payments, ie Sequentia assets loaded to LN can "travel" through BTC channels and vice versa; growing lightning on Sequentia helps BTC payments and vice versa
That last feature was pioneered by Taproot Assets (https://x.com/roasbeef/status/1788624974728790471). However, Taproot Assets relies on committing data to the Bitcoin blockchain directly, whereas Sequentia is a separate chain which doesn't "pollute" Bitcoin blockspace.
(*) swap between chains, p2p and in real-time
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0 sats \ 0 replies \ @BitcoinAbhi 19 Jul
Thanks for the update.
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0 sats \ 2 replies \ @Gian 18 Jul
do we need it?
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23 sats \ 1 reply \ @SequentiaSEQ OP 19 Jul
If financial markets (instruments such as stocks, bonds, commodities...) are to exist in a hyperbitcoinized world, and Bitcoin to be used as money in these markets...
Then I do believe that we need something at least like Sequentia; some viable way of issuing tokens which can be traded p2p for BTC (on whatever L2 most people use for payments; almost certainly Lightning) without polluting Bitcoin blockspace too much.
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13 sats \ 0 replies \ @Gian 19 Jul
Thank you for your replay, it clarified some of my doubts
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0 sats \ 13 replies \ @ContraMundum 18 Jul
What are the key advantages of Sequentia's 'No Coin' feature compared to traditional blockchain networks?
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97 sats \ 12 replies \ @SequentiaSEQ OP 18 Jul
Please refer to my reply to @TNStacker
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0 sats \ 11 replies \ @Bell_curve 18 Jul
@TNStacker is abrasive and combative like BLM
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0 sats \ 8 replies \ @TNStacker 18 Jul
You really got a fixation on me, huh little girl?
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0 sats \ 7 replies \ @Bell_curve 19 Jul
you are projecting
you're the black as in why the fuck do people hate black
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0 sats \ 6 replies \ @TNStacker 19 Jul
If I'm pissing you off, I'm doing it RIGHT!
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0 sats \ 5 replies \ @Bell_curve 23 Jul
https://www.amren.com/features/2014/05/confessions-of-a-public-defender/
WTF is wrong with your relatives?
If this article pisses you off, I'm doing it RIGHT!
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0 sats \ 4 replies \ @TNStacker 23 Jul
Still fixated? Ask yourself why.
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0 sats \ 1 reply \ @TNStacker 18 Jul
Only to racists, political lakeys and idiots.
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0 sats \ 0 replies \ @Bell_curve 19 Jul
Playing the race card
how original, so clever
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0 sats \ 0 replies \ @Bell_curve 18 Jul
The provided link leads to a discussion thread on Stacker News about Sequentia, a Bitcoin sidechain network. Here are the key points from the discussion:
  1. Sequentia is described as a Bitcoin sidechain network that allows for tokenized assets and peer-to-peer transactions[1].
  2. It is claimed to be the first blockchain in history without a native coin and the only pegless Bitcoin sidechain[1].
  3. The network supports various tokenized assets, including stablecoins and stock tokens[1].
  4. Sequentia enables direct, real-time atomic swaps and lightning swaps between BTC and tokens issued on the network[1].
  5. The initial development and launch of the Sequentia Network are being promoted by Concatena Labs, Inc., a Delaware corporation[1].
  6. The discussion thread includes links to Sequentia's documentation, which provides information on running a modified Elements node to connect to the public Sequentia signet Network or run a custom signet network[1].
  7. Theoretical and technical papers, including a Light paper, a Theoretical paper, and a White paper, are available for those interested in more detailed information about the protocol and its role within the Bitcoin ecosystem[1].
  8. The thread encourages interested individuals to join Sequentia's Discord and Telegram communities for further information and discussions[1].
This Stacker News post serves as an introduction to Sequentia, highlighting its key features and providing resources for those interested in learning more about or participating in the network.
Citations: [1] #613084
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