VSC Partners with V4V.APP - Bridging Lightning with wrapped Bitcoin
Hey all! We are excited to announce our collaboration with v4vapp! As many of you know, @ brianoflondon has been a strong supporter of VSC and the vision we’ve put fourth for fully decentralized Bitcoin. Going forward, we are continuing to deeper our ties with the project including ongoing work on Lightning - wrapped bitcoin bridge and a joint DHF proposal.
The perfection combination
VSC brings wrapped bitcoin to Hive, v4v brings lightning to Hive. Combining both VSC and v4v unlocks a massive potential of seamless interaction between the Lightning and Hive. Eliminating the need for 3rd party exchanges, providing zero fee experience for trading, major user experience improvements among many others. In addition to upfront improvements, the decentralized nature of both VSC Bitcoin wrapping & next gen v4vapp, anyone will be able to run a Bitcoin or lightning Bridge. This gives the community a powerful tool with no single point of failure between both Bitcoin mainnet and the lightning network
Bringing more liquidity to Hive
One of the many common complaints is the lack of liquidity between Hive and other cryptocurrencies. While there is many factors that go into this issue, one of them being the lack of DEXs and direct trading routes to other tokens. Bringing wrapped Bitcoin to Hive in combination with a lightning network bridge is a substantial step forward. The ability to trade across chains without the use of a CEX or complicated wrapping process is hard to come by even in well established ecosystems. Bringing this one project to Hive alone builds a super highway to/from the Bitcoin ecosystem, and thus the rest of the broader cryptocurrency ecosystem.
On top of just working with Bitcoin, we are looking at supporting a number of other cryptocurrencies. Hive won’t just have Bitcoin, but a larger variety of cryptocurrencies to choose from. Not only will this bring more options to the table, but is a first step in becoming our own Thorchain or Maya Protocol
What’s next?
There is a lot of work already underway, both in logistics & technology. Our next DHF proposal will be a joint proposal between both VSC and v4vapp as our visions heavily align. On another topic, the VSC testnet is online and operational. However, we still have a lot of work ahead of us in both testing and bug fixes. In the near future we will make a formal announcement along tooling and documentation for developing smart contracts, stay tuned!
On whole other note, the VSC testnet is now online and operational. We still have more testing & work ahead of us before it’s ready for use, but the network is able to produce blocks & execute smart contracts. In the near future we will do a formal announcement about the exact plans going forward and releasing documentation on how to build with VSC. Bitcoin wrapping smart contracts are currently being translated over to the new testnet spec now that the network is operational. Very soon we will release this as well with a dedicated trading/DEX UI.
I've already written about @vsc.network a few times: VSC changes what I do on @v4vapp fundamentally because I'll be able to hand over the conversion function to a proper DEX and @v4vapp will simply be a gateway in and out for Bitcoin in the form of Lightning. Which is the foremost way to move reasonable amount of BTC around instantly without the slowness and expense of main chain BTC.
And when I don't have to worry about doing the exchange function, I will pretty quickly be able to push transaction limits up to probably 500k or even 1m sats (0.005 to 0.01 BTC). Just for reference, the might Binance has a 2m sat limit on transactions right now!
When I'm free of the pain of doing exchange transactions, my back end will be able to be re-written and simplified and that version 2.0 of my system will be 100% open sourced and I'll work to make it possible for others to run what I run as has been my intention all along.
The future is now 🥂🥂🥂, this is super duper cool 😎😎😎.
Realy.exidet how this will roll out!
Thanks for all the work, buildings ng the future!
GREEZ
!BEER 🍻
This is fracking awesomeness at its best. I need sun glasses.
View or trade
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Hello my friend, is the vsc network a network that operates in the field of Hiyo? Can you guide me?
What is Hiyo?
hive.
Hello, I mean hive, I apologize.
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