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.
What is this anchoring? Replacement of the peg? Without L-BTC what do you have on the sidechain?
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.
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:
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
Thanks for posting. Maybe you should do an AMA at some point so stackers can ask questions.
CC: @k00b
Would be very happy to
deleted by author
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.
Big words from @anon
It is super convenient for rug pulling. The contingent scenario is not clear from this description.
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?
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.
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.
Do you mean that you have no BTC tokens on Sequentia whatsoever?
Hello! What are the downsides of this compared to LN? Thanks
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 :
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
Thanks for sharing! What are the main problems that this seeks to solve?
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?
Thanks for the update! Looking forward!
I wanna know what is liquid network
http://liquid.net/
If I ran signet I would test it out sounds cool
do we need it?
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.
Thank you for your replay, it clarified some of my doubts
Thanks for the update.
What are the key advantages of Sequentia's 'No Coin' feature compared to traditional blockchain networks?
Please refer to my reply to @TNStacker
@TNStacker is abrasive and combative like BLM
You really got a fixation on me, huh little girl?
you are projecting
you're the black as in why the fuck do people hate black
If I'm pissing you off, I'm doing it RIGHT!
https://www.amren.com/features/2014/05/confessions-of-a-public-defender/
view on x.comWTF is wrong with your relatives?
If this article pisses you off, I'm doing it RIGHT!
Still fixated? Ask yourself why.
Only to racists, political lakeys and idiots.
Playing the race card
how original, so clever
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:
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