At the recent Bitcoin++ developer conference in Austin, TX, Alex B. of Bitcoin Magazine sat down with Michael from Boltz and Tiero from Ark Labs to discuss the latest developments in the Bitcoin technology ecosystem, especially Lightning Network, Liquid, and emerging technologies such as. The ship.
Lightning’s Journey and Challenges
Reflecting on the Lightning Network’s journey, Michael shared insights into the challenges they face, especially in high-cost areas. “The big blind spot that was exposed recently was like a very expensive spot, lightning tends to do a lot of damage,” he said. He elaborated on the difficulties brought about by rising costs and the need for better preparation and solutions, such as moving operations to different chains through the exchange of submarines.
Tiero highlighted the underestimated challenge that lightning infrastructure presents. He pointed out the need for new designs that use Lightning to connect various layers, including Fedimint, Liquid, and Ark, to improve the user experience. “Lightning will always be a way to bring together all these new ideas,” said Tiero.
Liquid’s controversial role
Despite its modest adoption compared to other technologies, both Michael and Tiero agreed that Liquid has proven to be a stable and reliable platform. “The liquid was around the block. It’s known and survived. It’s still there today,” said Michael, pointing to the platform’s durability and reliability over time. This stability is important for developers who want to build and test new solutions without the risk of constant disruption.
Tiero from Ark Labs expanded into side-chain systems like Liquid, highlighting its ability to reduce congestion on the Bitcoin main chain. “Having a side chain with transparent transactions can reduce the pressure on the main chain,” stressing that Liquid’s structure offers unique advantages, including lower transaction fees and faster processing times. This can be particularly beneficial in high-cost areas, where moving operations outside the main chain can lead to significant cost savings.
Michael also spoke about the competitive nature of new blockchain proposals, asserting that Liquid’s established track record provides a level of trust and predictability that new solutions may not have. “In the grand scheme of things for new proposals to come, I think Liquid is here to stay at least for a while.”
Emerging standards and collaborations
Discussing the differences between the ecosystem, Michael from Boltz explained the important role that his company can play in providing financing for all the different chains and services. This ability to facilitate exchanges between Bitcoin’s various layers, such as lightning, main chain, and Liquid, is essential to maintaining a fluid and connected ecosystem. By offering these services, Boltz helps bridge the gaps between different platforms, making it easier for users to deliver goods seamlessly.
Michael also emphasized the importance of increasing competition between service providers to ensure that users get the best market rates. “Ultimately, an open spec would make sense, but we’re early in the process,” he noted, highlighting the need for testing before moving to standardization. This evaluation phase allows the identification of best practices, which can inform the development of standard procedures.
Tiero from Ark Labs echoed Michael’s sentiments, adding that the diversity of user needs makes it challenging to establish global standards in this category. “Every business has its own user and sensitivity to its users.” He suggested that a larger, more diverse ecosystem would justify standardization efforts, but until then, businesses need to be flexible to innovate and respond to a specific user base.
Both agreed that the priority right now is to allow companies to experiment and innovate freely. “We can move a lot faster if we just try things ourselves and see where they go,” said Michael. This approach facilitates replication and adaptation, fostering a robust and sustainable ecosystem over time.
Invents with ARK
Tiero from Ark Labs gave an exciting preview of their latest project, Ark. “ARK is in the consultation phase.” He explained, the focus is on creating a protocol that integrates seamlessly with existing technologies such as lightning, to ensure that it can meet the needs of its users.
“We were able to show that it’s possible, it works. And what I think is the next step will be trying to understand which use cases are the most demanding,” Tiero said. By focusing on practical applications and real user needs, ARK aims to create a robust, easy-to-use protocol that addresses current limitations in the ecosystem.
Testing is an important part of ARK’s development strategy. Tiero stressed the importance of testing in volatile environments like Liquid before finalizing detailed specifications. “We’re just going to a place where it’s very flexible and Liquid has a high level of introspection code so you can make iterative deals,” he explained. This approach allows the team to test the full potential of the protocol and make necessary changes based on real-world applications and feedback.
Michael noted the uncertainty surrounding ARK’s future use cases and funding needs. “It’s like the unknown unknown again. In theory, it’s interesting for service providers who don’t have money anyway,” he said, stressing the need for further testing and development.
Hope for the future of Bitcoin
Concluding the discussion, both Tiero and Michael expressed a strong sense of optimism for the future of Bitcoin’s layers and consensus technology. Tiero, in particular, was interested in the progress being made in treaty technology, viewing it as a transformative force for developing treaties like ARK and Lightning. “I am a better person, a better person after these two days because for the first time all the people who work with the Agreement in production or in general, are very knowledgeable about the subject.” He celebrated the opportunity for experts to come together to discuss and refine these ideas in a collaborative environment conducive to innovation.
They also recommended some proposals, such as the restoration project of Rusty Russell, which aims to improve the capabilities of the Bitcoin document. “Rusty’s model gives us something to talk about, a frame of reference for what these protocols mean from a computer perspective and like you can, as I said, restore the Bitcoin script to its former glory in a safe and logical way,” said Michael.
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