BC CRYPTO
Saved by @SteveeRogerr

1/20 Bitcoin is too slow and expensive for payments. We all know this. To solve this problem, the Lightning network is being built on top of Bitcoin's blockchain. Will it be the end of XRP?

(Video version @ https://t.co/7zJCuKrpqx)

A thread. 👇

 2/20 On a normal day outside a bull run, Bitcoin takes ~10 mins to transfer, at a cost of about $0.50. Any time network activity ramps up, those times and fees multiply. Bitcoin's Proof of Work system is painfully slow and can only handle 7 transactions per second.
3/20 To attempt to solve this problem, the Lightning Network is being developed. It's a 2nd layer network that sits on top of Bitcoin's blockchain. It's been in the works since 2015. Yes, 6 years. Do you know anybody who uses it? Me, either, but I'll get to that.
4/20 Lightning works by opening "channels" between parties. Those parties can perform as many Bitcoin transactions as needed and then close the channel. Because the transactions aren't written to the Bitcoin blockchain until the channel is closed, it's much faster.
5/20 Individual payment channels between various parties combine to form a network of lightning nodes that can route transactions among themselves. The resulting interconnections between various payment channels is the Lightning Network.
6/20 For example, say Alice opens a channel at a coffee shop and deposits $100 worth of bitcoin there. Her transactions there are instant. Now say Bob has a channel with a grocery store and also buys coffee from the shop Alice does.
7/20 Alice's connection to the coffee shop lets Bob buy coffee from there, too, and Bob's connection to the grocery store lets Alice buy groceries there as well. But if Bob closes his channel to the grocery store Alice will have to open another channel there.
8/20 This creates a web of channels between various parties that can all interact with each other. Like with Bitcoin, nodes are required and node operators set the fees they demand for processing the transactions. (example taken from linked article)
https://t.co/wDYUrbJfTB
9/20 So Bitcoin now has a payment layer that's ultra fast and solves the high fees and slow transaction time problems, allowing Bitcoin to become a huge payment processing platform and removing the need for other tech like XRP... right? Um, no.
10/20 As of Jan 18, 2021 the total locked value in the Lightning network is $38 million, a whopping 0.006% of Bitcoin's market cap. After 6 years of development, very few people are using it. That's because Lightning has a lot of problems.
11/20 First of all, it leads to centralization. Today banks and financial institutions are the centralized payment hubs. By having more open connections with others, Lightning nodes for prominent businesses may become similar hubs or centralized nodes in the network.
12/20 If one of those hubs were to experience a failure it could crash a significant portion of the Lightning network, maybe even the entire network. May as well stick with using banks if it's going to be centralized anyway.
13/20 Lightning is cheaper than banks right now, but in 2019 a study concluded that "participation is economically irrational" and "either traffic or transaction fees must increase by orders of magnitude to make payment routing economically viable."
https://t.co/6MBfT7DmMC
14/20 Another thing hindering adoption is that the Lightning software has been considered too difficult for the average user and many apps are custodial (you have to deposit your Bitcoin with them: not your keys, not your crypto). And then there are the security issues...
15/20 Lightning currently has multiple possible attack vectors. Joost Jager, an independent Bitcoin and Lightning Network engineer details one of these attack vectors in this thread, stating "Lightning is great, but can't say it is battle-tested." https://t.co/EiOqxKKfMP
16/20 Jager describes only one of multiple security problems. Antoine Riard and Gleb Naumenko published a paper detailing a "time-dilation attack" making it "possible to steal the total channel capacity by keeping a node eclipsed for as little as 2 hours."
https://t.co/SpcuE0TZPU
17/20 Then there's the "Pinning Attack" outlined by Riard, who states "currently deployed LN peers aren’t secure against [certain Pinning Attack] scenarios," and that one particular scenario "requires heavy, long-term work at the base layer" to fix it.
https://t.co/b09Rr9iSD5
18/20 Compare all of those issues with XRP. The XRPL is decentralized, battle tested and in use by hundreds of financial institutions, its fees are fixed and extremely low (0.00001 XRP, currently a tiny fraction of a penny), and the XRPL is highly secure.
19/20 One last thought. If you have to bolt onto Bitcoin to make it work for payments because the Bitcoin blockchain itself can't handle it, then how is Bitcoin any different from the current broken system that is being patched to keep it working?
20/20 SUMMARY: Lightning promised to be the payments solution for Bitcoin. 6 years later it's a potentially centralized, difficult to use network with security holes and almost nonexistent adoption outside of "script kids". XRP however, is established, decentralized and secure.
See video versions of my explainer threads at my YouTube channel:
https://t.co/Twb95p83gE
More XRP explainer threads:
https://t.co/4DikZmD84I
👀☝️🙏 @xrp_mami @RuleXRP @MackAttackXRP @CryptoBull2020 @Kevin_Cage_ @XRP_OWL_ @XRPNews_ @2020Xrp @RoseXRP @CredibleCrypto @XRPcryptowolf @BankXRP @XRPNurse @DualityXrp @MoonLamboio @WorkingMoneyCH @BakkupBradley @sentosumosaba @Santiag78758327 @jungleincxrp

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V.H.
V.H.
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Lots of people are sleeping on one the biggest things @quant_network is currently involved in-ODAP (Open Digital Asset Protocol).

So what is exactly #ODAP and why this makes $QNT one of the most significant and, regarding #crypto mcap, undervalued projects?

Time for a THREAD⬇️


1/ODAP is the protocol for communication between gateways, primarily with an enterprise focus.
So banks, central banks etc. would run a gateway in Overledger Network and ODAP would be the protocol for gateways to communicate with each other in a secure and trustless manner. $QNT


2/ #ODAP Interfaces are the open source connectors that will connect a gateway to #blockchains and any existing network / API. That is based on the standards from work done at ISO TC 307 which 57 countries are working towards.
$QNT CEO Gilbert Verdian is the founder of TC307.


3/We know from the submitted drafts via #IETF (the Internet Engineering Task Force) $QNT is working on #ODAP with:

✅@MIT

✅@intel

but, there’s more to the story as we found out from Gilbert that US Government, Juniper, payment and telecom companies are also there.


4/So how it all started with #ODAP?
Let’s go back to $QNT CEO Gilbert Verdian’s interview with Santiago Velez on #RealVision (October 14th) and try to put all the pieces of the puzzle together.
I’ll forward his words ⬇️
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1) #Bitcoin $ETH #Defi THE ART OF Contrary Thinking by
HUMPHREY B. NEILL

It Pays To Be Contrary

"What is the Theory of Contrary opinion?"

Primarily, it is a method of ruminating over a broad range of public questions; political, economic, and social.

2) In sum, the purpose is to contest the popular view, because popular opinions are so frequently found to be untimely, misled (by propaganda), or plainly wrong.

3) When everyone thinks alike, "everyone" is likely to be
wrong When writers write alike, readers are prone to
think alike Too many predictions spoil the forecasts;
or, to put it another way, the weight of predictions causes
their own downfall.

4) Caution: The contrary theory is a way of thinking, but
let's not overweigh it. It is more of an antidote to general
forecasting than a system or forecasting.

5) Human traits that make the theory of contrary opinion
workable, include:
Habit
Emotion
Irritability
Custom
Greed
Pride-of-Opinion
Imitation
Hope
Wishful Thinking
Contagion
Impulsiveness
Fear
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Larry Cermak
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@lawmaster
1/ ETH reached 18-month low today and there is this narrative that the price of is dropping because ICOs are liquidating their treasuries. Well, it’s completely wrong. Let’s look at the data!

https://t.co/yG0vecC7VT


2/ The sum of ETH holdings of ICO treasuries is now a little over 3.57M ETH (3.5% of supply). In April, the treasuries held 4.65 million ETH (4.5% of supply) indicating that they likely liquidated (or moved) about 23% since then.

3/ Despite the decline in ETH price, the selloff hasn’t been as drastic as many analysts anticipated. In the past two months, treasuries of projects that held ICOs liquidated (or moved) 172,00 ETH, or ~4.6% of total holdings.

4/ The most aggressive sellers were Status, district0x and Tierion (in order), which sold (or moved) nearly 55,000 ETH combined since September 9. Out of the 57 companies I tracked, 50% didn’t touch any of the ETH in their treasuries.


5/ At least 11 ICOs currently have a smaller “market capitalization” than the amount that they hold in their ETH treasuries alone (see table below).
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@PrateekLearnapp
We should be proud about @0xPolygon. But don't invest if you don't understand what they do just like any other asset class.
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Seq
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1/ @MIT discussing the need for blockchain gateways to achieve interoperability across different blockchain networks, and to support the cross-blockchain mobility of virtual assets

https://t.co/PbjQkSlTT3

@quant_network are collaborating with MIT in the creation of ODAP

$QNT

2/ "In order for blockchain-based services to scale globally, blockchain networks must be able to interoperate with one another following a standardized protocol and interfaces (APIs)"

Gilbert founded ISO TC307 which 60 countries are working towards standardizing the interfaces


3/ "We believe that a blockchain gateway is needed for blockchain networks to interoperate in a manner similar
to border gateway routers in IP networks. Just as border gateway routers use the BGPv4 protocol to interact with one another in a peered fashion we believe that a...

4/ blockchain gateway protocol will be needed to permit the movement of virtual assets and related information across blockchain networks in a secure and privacy-preserving manner"

You can read more about the gateway protocol ODAP in this 21 tweet


5/
"We motivate the need for blockchain gateways and blockchain gateway protocols in the following summary:

✅Enables blockchain interoperability:
Blockchain gateways provide an interface for the interoperability between blockchain/DLT systems that operate distinct consensus...
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