Turing-Complete Programmability on Bitcoin, Trust-Minimized Bitcoin-Lightning Interoperability, and More

Your weekly scoop from the Bitcoin ecosystem. All things tech and innovation! #POW #UTXO #BTC

Highlights:

• RGB++ Launched on Bitcoin Mainnet, Enabling Turing-Complete Scripts and Asset Leap Between UTXO Layers

• RGB v0.11 Beta 5 Released With Enhanced Security and Simplified Scripting

• New Lightning Network Transaction Proposal Funding a LSP Channel Externally With One Transaction

• Google Supports Account Balance Query via Public Key Search

Crypto Insights

RGB++ Launched on Bitcoin Mainnet, Enabling Turing-Complete Scripts and Asset Leap Between UTXO Layers

• The launch of RGB++ on Bitcoin introduces advanced features like isomorphic binding and smart contracts, revolutionizing asset issuance and enabling seamless asset transfer between UTXO-based layers.

• Celebrating the launch, HueHubOfficial, first DEX for RGB++ Assets, introduces its alpha version, facilitating decentralized asset trading with support for RGB++ assets like $SEAL.

• Meanwhile, UTXO Stack, the modular BTC Layer 2 blockchain launch platform developed by CELL Studio completed its seed funding round.

RGB v0.11 Beta 5 Released With Enhanced Security and Simplified Scripting

• This is the first complete beta release of RGB in 2024, providing developers with a way to test all new features for integrating RGB.

• The focus of this work on RGB is on the internal audit of all critical consensus code to ensure security and compatibility with future protocol upgrades.

New Lightning Network Transaction Proposal: Funding LSP Channels Externally with a Single Transaction

• The Payjoin-in-Potentiam proposal allows external funds to directly fund channels opened by LSPs (Lightning Service Providers) without a swap output address being posted on-chain. The first transaction used to fund the swap address is replaced with a payjoin output replacement, so only the combined result is posted on-chain.

• The significance of this proposal lies in transferring funds from the blockchain layer to the Lightning Network layer while maintaining trust-minimization.

Are Your Cryptos Still Safe After 31 Steps Towards SHA-256 Collision Attack?

• Recently, a paper titled New Records in Collision Attacks on SHA-2 announced the achievement of the first collision attack on SHA-256 in 31 steps. This paper has been accepted by EUROCRYPT 2024, and the full paper is available for review.

• However, there is no need to panic. The author specifically states:

Don’t panic, folks. This is very good work, especially given the low memory complexity of this attack. But there are 33 steps left. Your bitcoins are safe.

• For more analysis on this academic breakthrough, refer to this post by OneKey.

Google Supports Querying Account Balance via Public Key Search

• Currently supports three address formats: P2PKH, P2SH, and Bech32

• Users can view the current balance, last update, and balance from the last transaction.

The Future of Bitcoin Testnet 3

• After running for 13 years and producing over 2.5 million blocks, Bitcoin Testnet 3 faces issues such as low distribution efficiency of tokens and misuse for scams and airdrops, prompting developers to reevaluate the feasibility and direction of Testnet 3's future.

• Considerations include resetting the test network, addressing technical issues such as bugs in difficulty resets, and exploring alternative solutions like signet to better meet development needs.

Running a BTC Full Node: Hard Drive or Solid-State Drive?

• Separating block data from state storage to optimize node performance

• Flexible planning of data storage locations using Symbolic Link

Bitcoin Layer 2: B² Network + Babylon = ？

• The B² Network introduces the B² Hub modular DA layer, while Babylon brings native asset staking and income to the BTC network. The collaboration between the two can be likened to the combination of Celestia modular DA and Eigenlayer shared security layer.

Top Reads on Blockchain and Beyond

Memecoins Special: A Brief History, Potentials, and Go-To-Market Strategies

01 A Brief History of Memecoins: Their Past and Future

• The origin: Proof-of-Work meme blockchains

• Memecoin evolution through various cycles: ICOs, tokens, DeFi summer, Solana

• How NFTs impact the landscape of memecoins

• Latest developments, trends, risks, and opportunities

02 What Else Could Memecoins Be?

• Memecoins attract attention through their names and concepts, and are a zero-sum game in terms of economic interest

• What else can meme coins be? How can this attention be redirected towards charity and gaming, becoming a public good to benefit certain societal sectors?

03 Memecoins as The New GTM Strategy

• This strategy aims to utilize a burgeoning and well-developed memecoin, build a vibrant user community around it, and then develop a project incorporating the token, launching a project integrated with this memecoin natively

• New applications/infrastructures can engage memecoin holders, allowing them to experience more utility from the token

The Bitcoin Revolution in Iran

• Three main reasons Iran adopts Bitcoin: inflation hedging, evading financial sanctions, avoiding income-related taxes

• 25% of Iranians own cryptocurrencies, with 68.10% choosing to hodl

• The most common cryptocurrencies are Bitcoin, followed by doge, shiba, Cardano, and then Ethereum

Building Trust in AI With Verifiable Credentials

• Soon, 90% of consumer materials will be generated by AI. We need verifiable artificial intelligence (vAI) to trust the information in front of us

• The "trust triangle" structure, consisting of holders, issuers, and verifiers, is the core reason why verifiable credentials work

• Verifiable credentials enhance the information supply chain in AI by establishing a secure, transparent, and responsible framework. By ensuring the integrity of data, algorithms, and hardware components throughout their lifecycle, they help build trust in AI systems.