At the Bitcoin++ Developer Conference
In Austin, Texas, Michael von Boltz and Tiero from Ark Labs discussed current advances in Bitcoin technology, highlighting the Lightning Network, Liquid, and emerging technologies like Ark.
Lightning Network and Submarine Swaps
Michael highlighted the challenges of the Lightning Network, especially in environments with high transaction fees, and proposed settling transactions via Submarine Swaps, a method of linking on-chain and off-chain transactions, as a solution.
Role of the Lightning Network and Liquid
Tiero pointed out the need for innovative designs to integrate the different Bitcoin layers and highlighted the central role of the Lightning Network (a payment channel network that enables fast and low-cost Bitcoin transactions).
Regarding Liquid, Michael praised its stability and resilience. Tiero added that Liquid helps reduce congestion on the main Bitcoin blockchain, resulting in lower transaction fees and faster processing times. Michael highlighted Liquid's proven reliability despite new blockchain proposals and emphasized its long-term relevance.
Role of Boltz and market efficiency
Michael explained the role of Boltz, a liquidity service that facilitates fluid exchanges between different Bitcoin layers to ensure a connected ecosystem. He advocated competition among service providers to ensure market efficiency and advocated for trials and experiments before standardizing protocols.
Ark Protocol and Innovation
Tiero introduced Ark as a protocol that integrates with existing technologies such as the Lightning Network. He emphasized the importance of practical applications and user needs and advocated for experimentation in flexible environments such as Liquid to further improve the Ark protocol.
Future prospects and Covenant technology
Both expressed confidence in the future of Bitcoin's various layers and the so-called covenant technology (a method of attaching conditions to Bitcoin transactions). Tiero praised the advances in covenant technology, while Michael highlighted Rusty Russell's project to improve Bitcoin's scripting capabilities as a significant development.
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