The author of a new under-chain bitcoin extension solution called Statechain called on the Bitcoin community to implement the Statechain as a basic networking feature.
Does Statechain become the "foundation" of Bitcoin?
Ruben Somsen, the organizer of Soul Bitcoin and the creator of Statechains in South Korea, pointed out in a blog post on June 4 that in order for Bitcoin to succeed, chain expansion is a must, his tools Solved some of the problems associated with alternatives such as lightning networks.
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"… Bitcoin has no choice but to expand through the second layer. Therefore, building this technology is absolutely critical," he wrote.
We need many different layers to make different tradeoffs so that people can choose the layer that best suits their needs.
Somsen first introduced Statechain at the "Scaling Bitcoin" conference in Tokyo in October 2018, but he said that due to the technical nature of his speech, few people can grasp the potential of this technology.
“As a result, this technology is largely unnoticed, which is a pity because it is a unique second-tier protocol with some useful features that can strengthen the Bitcoin ecosystem,” he concludes.
Statechains involves two multi-signature parties controlling bitcoin transactions, and neither party can transfer funds on its own. The user consists of one party, and the so-called Statechain Entity forms the other party; a Statechain Entity can actually be a group of people.
It’s like Bitcoin’s “a decentralized exchange (DEX)”
Like the Lightning Network, Statechain is a Layer 2 (Layer 2) chain trading method. As a result, the Bitcoin blockchain does not suffer from additional loads due to its use.
A user can withdraw funds on the chain, but does not need permission from Statechain Entity, which means that the tool is actually unmanaged, and this setup can bring some benefits.
The basic idea of Statechain is that you can lock funds between the two parties (Statechain Entity and users) in a 2/2 multi-signature. When the user wants to transfer the funds (complete UTXO), they only need to hand over their private key (which we call the temporary key) to the intended recipient.
By design, a Statechain transaction must contain the entire UTXO, but you can add a lightning channel to it, allowing for a smaller number. Similar to the atomic level swap of a lightning network, the Statechain is also independent of a particular blockchain.
"It's also worth noting that the Statechain is chain-agnostic, which means that the Statechain entity can manage UTXOs from different blockchains and allow users to trade between them (similar to DEX)," Somsen added. .
According to previous reports, despite the experimental state, the research on lightning network is still developing rapidly.
Like Somsen, many commentators also believe that for Bitcoin, to be a global payment system, chain expansion is the only viable solution.
Among them are researchers from the software company DataLight who recently predicted that Bitcoin could replace fiat money-based trading networks such as Visa and MasterCard in just 10 years if the current pace of development is unchanged.
At the same time, the trading platform BitMEX hinted this week that it will become the second company in the industry to adopt Blockstream's Liquid sidechain. Somsen also compared Statechain with Liquid.