Amazing idea, just wondering how you will deal with the big problems such as gas cost, speed, and safety?
Strongly agree, L1’s are costly to build and maintain. Unless there is a strong use case to back it building a L1 is going to introduce more risks than reward.
Love this idea. Dydx just decided to become an L1 as well. Cosmos ecosystem is robust and definitely a nice place to start.
Is the chat this Thursday or did I miss it? If it is tomorrow on twitter, it means it is scheduled in the evening in Oceania/Asia, early afternoon in Europe and early morning in the US. Am I right ?
@defipaca, I found answers to my questions on the bitdaoaembassy twitter. I try to join tomorrow.
A lot of questions on twitter, is someone collecting them ? Gonna select some.
Please, see the details for submitting questions here https://twitter.com/bitdaoaembassy/status/1545477258592133120?s=20&t=4HcCV-Us2MIc4vupP58k2A
It’s unfortunate that we couldn’t do the AMA on twitter. We would have get some precious information.
@Ben.Zhou, do you submit the proposal and think about taking the leadership to build this L1 or is it only an interesting idea you share to the community.
If there’s no leader and no team yet for building. What would be the budget to recruit people with the necessary skills ?
Are we close enough to Bybit to take the leadership or shouldn’t we contact them to work in close collaboration with their team if the community is interested ?
Join us Thursday, 7/21 at 9.30pm (GMT+8) for the rescheduled community call!
Hi @Ben.Zhou and other speakers on Twitter (@Lbrian…),
It’s amazing to have such great speakers. I didn’t have the opportunity to ask my questions but let’s do that here.
With the full support of Ben and Bybit, it seems that something awesome could be built. The BIT chain will be late (compared to other exchange chains) but it can benefit from users and developers feedback on the existing chains to make technical choices. It’s a long term advantage. Ben also mentioned that there are talentuous dev in his network to do the job.
So, as the only limit seems to be the sky, but that we need to take in consideration a budget and timeline, how the community can help to make choices ? How can we help to decide if we move to a very ambitious BIT chain project which will be very costly and need a long time to build/test/retest, or if we move to a less ambitious BIT chain project but which will be available ASAP to work ASAP with the BIT DAO community ?
Curious to know if any developers have thoughts on projects that will optimally be built on a BitDAO powered L1 platform? I do agree basing it on ETH is the right move, although I’m curious to see how the shift to POS would affect this
I have a suggestion:
Now ETH is at the crossroads of history, forward, it is the POS of ETH2.0, to the left, it is a fork.
As the largest DAO organization, why don’t BitDAO try to do something before such a historic node?
That’s right, that is to directly fork ETH in the identity of BitDAO. I firmly believe that BitDAO is an excellent player, and, for BitChain, it is also an excellent opportunity.
Do something, let history remember you, do something, participate in the creation of history, do something, you are history.
@Ben.Zhou I had another idea. If you choose Cosmos, In contraposition to $BNB ecosystem, what about trying to build and develop (as a VC) around the cosmos ecosystem? In this way, you can leverage a huge number of protocols and this can give a lot of value to Bitchain. There are like 1k developers in cosmos ecosystem. In this way, you are part of an entire ecosystem, that i think it’s easier between to develop one by yourself.
When is this going to a proposal voting? L1 or L2 at the end?
is this idea of Bit Chain ongoing? seems no more active discussion. hope a chain of BIT will come out
There have been several builders and projects respond to the open call to discuss a BitDAO L1 or L2 infrastructure. Updates will be provided in coming weeks.
Thanks for this prompt @Ben.Zhou ! A few of us were inspired by it to create a technical proposal, outlining a path to building BIT Network as a modular chain: BIT network proposal: iterative modular chain approach
Bitdao can refer to aptos and surpass aptos after the main network of aptos is launched.
1.Public chain L1 needs pos mode to save energy.
2.First of all, this bitdao coin should be useful and valuable. Secondly, the chain needs a lot of dapp, defi, dex, gamefi，and so on.
3.The bit participates in decentralized pledge mining.
4.The bit backbone needs to be scalable and upgradable. After the main network is upgraded in the later period, it can be upgraded to support L2, L3 and so on.
5.The main network shall integrate the advantages of ETH, BNB, APTOS, SUI, COSMOS, SOL and other public chains.
6.Bitdao has bybit to support continuous cash flow. The main network can be interconnected with ten thousand chains like COSMOS.
I work with Relay Chain (relaychain.com), a bridging project. I’d like to discuss using Relay Chain’s bridging solution to offer BitDAO a seamless cross-chain experience. We offer the unique solution of a “web2” bridge in a “web3” world, we continue to see smart contract-focused bridges being compromised. The most recent being the BSC official bridge. I’d like to open up the discussion on this topic to better understand if we could be a good fit for the BitDAO community.
RELAY - PROJECT OVERVIEW & TEAM EXPERIENCE
Relay Chain was the first bridge into the Avalanche ecosystem, and one of the first projects to build on Moonriver. The team has since served as a Bridging as Service to many blockchain partners, often operating as the sole bridging solution for said partners. Before founding Relay, the team supported the Zero Exchange project, a popular swap protocol, addressing the market’s need to resolve DeFi deserts with a low-cost, high-speed, ultra-secure bridge for both institutional and retail end-users.
The Relay team recently committed to completely reconstructing the bridge in version 2.0, having learned many valuable lessons since the first bridge was built two years ago, and having witnessed competing bridges struggle with ongoing security challenges. The team has pivoted from a product that relies heavily on smart contracts to one that operates on “simple sends” and “listeners”, dramatically reducing user risk and exposure. By simplifying the bridging mechanism, Relay Chain created a hybrid model with a true web2 bridge, paired with liquidity provider smart contracts. This not only improves speed and lowers cost, but also reduces the risk inherent in traditional ‘smart contract heavy’ bridging operations. The bridge shares similarities to the official Avalanche bridge, and has been audited by TevPro — a major US based technology and solidity consulting company.
With version 2.0 the team can connect to any evm and non-evm chain and has solved “the holy trinity” of bridging. We’ve found a way for bridging to be fast, secure, and provide one of the best prices.
Relay Chain’s vision is to become the most customer-centric bridge experience by providing an all-encompassing solution for users to explore the destination chain of their choice. Relay Chain achieved a major milestone and set the foundation for a safe and smooth bridge experience with the rollout of version 2.0, and is currently utilizing a grant provided by the Metis Foundation to incentivize liquidity between Optimism, Arbitrum, and Metis. The next milestones on the near horizon are to offer users and ecosystems a bridge aggregator option (think: the 1inch of bridges), real-time social analytics, bridge contests and additional utility and entertainment, via our innovation project: Battle of the Blockchains.
With the passing of BIP-14, the BIT community has approved the proposal that “Bybit shall bootstrap the R&D and go-to-market of BitNetwork (temporary name).”
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