Bitmatrix brings fairness among all end-users when transacting with the covenant —which results in a better overall user experience while mitigating external revenue extraction events such as front-running.
In an EVM environment, front-running is a special type of attack when someone seeing an upcoming trading transaction puts his own transaction ahead, making the prior transaction much less profitable. There are various types of front-running, but the most common type is “slippage-based front-running”. Price slippages occur because of the nature of AMM design — where the larger the deal becomes, the stronger impact it has on the price, and the more…
Now Script Wizard lets you tweak and create v1 outputs from your custom script.
In order to work with tapscript, you can choose the “Bitcoin (Tapscript)” section from the top-right corner of the IDE.
One benefit of the EVM model is that it allows for the parallelization of smart contract execution. Multiple independent, smart contract interactions used in different transactions can be processed at the same block in order.
In the UTXO model, the result of a transaction depends on the validity of its outpoint. Executing transactions in parallel in recurring covenant systems requires a “global state mempool” — which can not work today as each mempool could follow a different unconfirmed-transaction-chain fork.
Bitmatrix proposes a solution to this by leveraging Tapscript (BIP 342), Relative lock-time (BIP 68), Replace-by-fee (BIP 125), and some tricks.
Bitmatrix utilizes x * y = k formula for calculating a liquidity pool’s constant value. However, OP_MUL (an opcode for multiplying two integers), is disabled in legacy and witness version 0 scripts. Although OP_MUL is expected to be introduced in Liquid Tapscript, Bitmatrix V1 uses some bitwise trick to achieve the same outcome.
Let’s assume a Bitmatrix pool has a liquidity of 10 L-BTC, paired with 500,000 USDT. Since amount fields in Liquid transactions are represented in bytes instead of endians;
10 Bitcoin is represented = 0x000000003b9aca00 in bytes
500,000 USDT is represented = 0x00002d79883d2000 in bytes
Script Wizard is a new open source project for writing, debugging, and compiling custom scripts for Liquid. It’s both a sandbox for playing around with opcodes and a developer tool for designing covenants.
Script Wizard makes it easy to write custom Liquid scripts. Simply write your script and have your witness elements at the very top. You can see stack execution line by line on the right side of the editor.
Bitmatrix is a constant product market maker built on Liquid Network. We’re utilizing the power of bitcoin opcodes to enable automated liquidity provision across L-BTC and other Liquid-based assets. Bitmatrix comes with a maximally Uniswap-like UX and is effectively powered by Liquid’s powerful scripting capabilities.
From a technical standpoint, we designed a pool covenant that holds some amount of L-BTC and some amount of token pair like USDT. The multiplication between the two assets is a constant of which the covenant enforces over introspection.
Bitmatrix utilizes the
x * y = k formula, where
x is the amount of L-BTC…
Although the Account model is more developer friendly, end-user experience for UTXO model is superior to Account model in pretty much every way possible. Here’s why:
At Credentials App, we are combining zkSNARKs (Non-interactive zero-knowledge proofs) with eMRTDs (NFC-enabled passports and national ID cards) to streamline KYC processes that often cause data breaches.
Today, internet users are unable to determine if their information has been or will be monetized. The resulting lack of control, safety, and transparency raises multiple concerns and is a major issue for internet users.
In the future, we might not have to use centralized authorization services to access the Internet such as Twitter, Google or Facebook and instead we will use our self sovereign identity to validate our identity without having to…
By killing the QR code in crypto we not only get rid of a bit of a relic from the past but also simplify the end-user experience. Let’s all work together to make 2020 the year Bitcoin becomes the tap-to-pay cryptocurrency that can be used by anyone.
A Brief IntroductionTo Operating Modes Of NFC Devices
NFC devices support three modes of operation: reader/writer, peer-to-peer and emulation. The different operating modes are based on the ISO/IEC 18092 NFC IP-1 and ISO/IEC 14443 contactless smart card standards.
Currently, the payment experience on mobile devices is extremely poor because users have to undertake many steps such as:
This protocol dramatically reduces the user’s required steps.
1. Opens the deep link to a wallet app.
2. The user confirms payment and is automatically returned to the source app.