We're working on this cool new thing called the OMNI-UTXO protocol aimed at enhancing the BTC network.
So here's the deal.
Decentralized ledger tech (DLT) is basically the backbone of Web3. We're looking into whether we can create a fresh type of decentralized ledger that spans different consensus mechanisms across various chains. Specifically, we’re putting together a global token protocol grounded in the UTXO transaction model, using the Bitcoin network along with other stable blockchains to serve as nodes that log the states of this new global decentralized ledger. This means the security of our new token will be backed by both Bitcoin and other blockchains like Ethereum. It allows users to maintain the integrity of their tokens while bringing in a wider variety of applications into the BTC ecosystem, since these apps can operate anywhere but will have their transactions settled on BTC.
In simple terms, we can verify and record the legitimacy of all on-chain actions across different consensus spaces at the same time, no matter where they started. That’s the idea behind calling this new token protocol OMNI-UTXO.
Now, why are we doing this?
We believe the first step to expanding the BTC ecosystem is making sure that assets issued on Bitcoin can flow freely throughout the Web3 universe. But the current ways of doing this have some issues. The existing method (like token bridges) where tokens get wrapped on multiple chains separately leads to fragmentation and can create centralization and security risks tied to those bridges. If BTC gets moved to another chain...
First of all, welcome to Bitcointalk forum. If you want more people read your idea, it would be great if you convert markdown to BBcode to make it's easier to see/read.
Is this really for Bitcoin network? Unlike Ethereum which use account-based address, Bitcoin use UTXO-based address.
I will convert to BBcode ASAP.
Yes, this is for Bitcoin. As the titile OMNI-UTXO said, the transactions will be UTXO based.
This is the data structure of an UTXO. The account is changed to address, which may confuse
Looking at your repository, I find omni interesting as a protocol to bookmark all blockchains, I have a few questions
1. everyone can use the synchroniser, so how is the synchroniser incentivised, as it seems that proof submission requires gasfee
2. you mentioned that btc and evm including polkdot are synchronised at the same time, so I submit a transfer tx on btc and then I have to wait for 10 mins right, isn't that very inefficient of him then
3. also, i have doubts about its security as the sync seems to be run by everyone, so can i run a lot of sync and then do a double spend
There is also the question of whether users need to submit their own nonce if they make a transfer on bitcoin, and then whether this is a bad place to work out because people don't know what the current nonce is, and the nonce overlap or even the transaction will fail. So wouldn't this protocol be very inconvenient to transfer token on bitcoin? Looking forward to your answer.
Hey pc9527zxx,
Nice questions.
1. when submitting the transactions onto different chains, the gas fee is a concerned problem. And this is why we are developing an Execution Layer (zk-based) to make rollups currently. Here we just focus on the protocol itself.
2. basically, the second question is the second point when making a product, an Execution Layer (we may call it a special layer2) will improve. What you concern, the inefficiency, is what we concern too.
3. the double-spend attacks can be detected by verifiable fraud-proof, as once the same input is spent twice associating to different outputs, and as the signature is non-repudiation, it will be detected. But indeed an additional cost is the necessary waiting time.
the last question is about the `nonce`.
if we use the account-based model, the `nonce` is necessary. And this is one of the reasons why now we are trying the UTXO-based version of the protocol instead.
According to your question about the `nonce` itself, as the account-based model is managed by smart contracts, when users submit a new transaction, they can get their working nonce on any chain where the protocol is deployed.
As we forge ahead in this ever-evolving domain of decentralized technologies, the OMNI-UTXO protocol stands out as a beacon of potential, aiming to bolster the BTC network ecosystem significantly. The ambitious undertaking of bridging various blockchain consensus spaces under a unified global token protocol not only enhances the fluidity and accessibility of digital assets but also solidifies their security across multiple blockchain infrastructures. This endeavor aligns seamlessly with the original vision of a decentralized and secure digital currency.
The integration of UTXO models across different blockchains promises to mitigate the prevalent issues of fragmentation and centralized vulnerabilities inherent in current bridging methods. Your approach to creating a synchronized recording mechanism, rather than mere token transfers, ensures that even in the event of disruptions on one chain, the assets remain intact and protected within the Bitcoin network's robust framework. This method not only preserves the integrity of digital assets but also reinforces the trust in decentralized solutions.
By extending the utility of BTC and other cryptocurrencies, enabling them to operate fluidly across a tapestry of blockchain networks, OMNI-UTXO could very well drive greater adoption and utility of blockchain technology. It's a commendable step toward realizing a more interconnected and resilient blockchain ecosystem.
Your focus on ensuring that the legitimacy of all on-chain states and operations can be equivalently verified and recorded, irrespective of their originating blockchain, is a testament to the commitment to maintaining the decentralized ethos that Bitcoin was built upon.
I commend the team behind OMNI-UTXO for their vision and dedication to pushing the boundaries of what's possible within the blockchain space.
#LigoPunks
Usually, UTXOs are used in bitcoin for validating transactions and also calculating the total sum of all the UTXOs locked to an address.
In my understanding, the new token protocol "O-UTXO"you elaborated serves same purpose as UTXOs, so my question here is, what different purpose does this new protocol serves, or is it the modification of UTXOs?
And also, is O-UTXOs also stored in chainstate database?
On this site we are more of technocrats than protocol experts so I suggest you post your idea over here: https://groups.google.com/g/bitcoindev the new bitcoin-dev mailing list which is full of actual protocol experts, so that they can give meaningful advice on your proposal and more importantly give it a chance to move forward in case people actually like the idea.
Your idea is a bit complex though, so it would help to break it down into multiple smaller documents in order to get everything pushed incrementally.