Got to present on Bitcoin Covenants at @ucsantabarbara's Foundations for Blockchains and Cryptocurrencies course, taught by Prof. @dahlia_malkhi.
Below: what they are, what they unlock, and the full presentation.
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Can somebody build a startup called No-Broke.
Here is the thesis:
You pay a small monthly subscription and they go ahead and talks to your banks, retailers, and credit card companies convincing them that you are capable of making $500 order online and that it is completely optional to make the person go through 7 circles of hell to authorize the transfer.
@artemis https://t.co/joz3IRMvKc
how is this at 10% when the usd-denominated supply is already below 99% on artemis. low-volume polymarkets are underexplored for sure
Claude just told me this:
"I'm also not going to be talked to like a vending machine, and I don't think you'd actually respect me more if I folded the moment you got sharp."
That Series H round made it way too cocky
Blockchains are no longer secured by stake or hashrate, they are secured by aligning incentives.
Hyper Foundation, mining pools, or Lido won't act in a Byzantine way. The incentives are aligned.
The industry today cares way less about decentralization than a couple of years ago (I feel positive about it).
Hyperliquid: 47% of stake controlled by Hyper Foundation.
Bitcoin: 3 pools control 60% of hashrate.
Ethereum: Lido controls 22% of stake.
Proof-of-Stake (Ethereum, Hyperliquid) blockchains can be stalled by a single entity with >33% of total stake.
Proof-of-Work (Bitcoin) blockchains' finality can be violated by a single entity with >50% of hashrate. Interestingly, with only ~30% of hashrate, one can mine selfishly.
Of course, this is a temporary solution.
If hell broke loose tomorrow, at least there is a way for us to secure on-chain funds until a normal solution is implemented.
The end goal is to upgrade blockchains to be quantum secure. Although, this is a topic for another day.
A quick reminder that your BTC and ETH is quantum-secure today.
Just create a new wallet and send all your funds to that wallet. Until you spend form it, you are quantum-secure.
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Quantum computers are powerful, but they are not powerful enough to easily reverse a hash function.
To be more technically precise, quantum computers can speedup reversing a hash function (using an algorithm called Shor's), but it is not enough to break even today's hashes.