Be the first to see MIT test bitcoin lightning network, deploy smart contracts to achieve million-level transaction throughput
A test is underway at the Massachusetts Institute of Technology (MIT). This test gives us a rare opportunity to understand how the Bitcoin expansion solution works.
The test by MIT demonstrates the experimental use case of the Bitcoin lightning network: the combination of smart contracts and lightning networks not only enables millions of levels of transaction throughput, but also achieves a higher degree of complexity.
The test was modeled in MIT's Digital Money Program (DCI, which was launched in 2015 to study cryptocurrencies) and described a system in which transactions can be automatically executed based on specific external events, such as Say today's weather or the current price of the dollar.
MIT's clever application of oracles makes this possible, and trusted organizations can broadcast data to smart contracts. In the test, researchers Tadge Dryja and Alin S. Dragos created a test oracle that broadcasts the recent dollar price with the smallest unit of bitcoin (satoshi) for everyone to use and use in smart contracts.
This concept was proposed by the lightning network creator Dryja last year, and this test represents the first step towards practical application. This is the first time it has been written as working code to drive prototype operations.
Dragos said:
This is an independent feature of our lightning network software. The data we choose is very cool, it can be USD or any data you want, whether it's weather or stock.
Dragos emphasized that this demonstration is only experimental and should not be used in real money. Despite this, he and other MIT researchers are convinced that with the advent of the Lightning Network, one day Bitcoin will maximize its expansion as envisioned by early adopters.
To achieve this goal, MIT researchers have created a version of the lightning network, lit, and the predictive machine code used in this experiment represents the progress of its research.
Dragos said:
DCI trusts the lightning network very much. Bitcoin's capacity expansion is not good. I think there are definitely better choices. The result proves that lightning network is a better choice and an effective way to achieve capacity expansion.
Bitcoin smart contract
While the lightning network provides capacity expansion, smart contracts bring another new feature to Bitcoin. For example, once the technology of MIT testing is successfully deployed, you can make predictions based on what is happening in the world.
Or it is similar to a futures contract. Alice promised to pay Bob a sum of money on a certain day, say Friday, and the exchange price of the US dollar and Cong will not stop the transaction. Suppose that on Friday, $1 is worth 12150, then she needs to pay the money.
This smart contract use case is usually not directly related to Bitcoin.
Dragos acknowledges that:
When people think of smart contracts, they think of Ethereum because Ethereum's scripting language is more abundant.
But he believes that Bitcoin can achieve the same function through certain methods.
Bitcoin is not as 'friendly' to developers as Ethereum, because the two are developing in different directions, but you can still develop with Bitcoin, but with a little creativity.
Simply put, this test uses Dryja's "discreet log contracts" program to broadcast data to smart contracts. One of the most important advantages of this program is scalability, as most of the data does not need to be stored on the Bitcoin blockchain.
Privacy is the second advantage because the oracle does not know the identity of the user who uses the data and broadcasts the data.
Dragos said:
In our model, the oracle does not know the identity of the data consumer.
Some "dilemma"
Although this simple demonstration has been completed, Dragos and Dryja believe that there are many significant problems and "difficulties".
From the standpoint of independent oracles, they need to be profitable, and we must understand this.
Another problem is that the current predictor is still credible. However, once a user is allowed to use multiple oracles, their trust values ​​are quickly disintegrated.
DCI hopes to stop researching the technology at a certain stage and handing the research results to the right people.
We are working with companies to deploy this technology.
Although they did not disclose specific company names, they revealed that they are DCI partners and are large enterprises.
They believe that large companies are better able to understand the software needs of ordinary users. So, when DCI built the prototype and demonstrated how the underlying technology works, they didn't develop an app that was as easy to use as Venmo and Facebook.
Dragos said:
User experience is not our specialty.
Now it is up to the user to decide whether or not to use the predictor data.
Dragos added:
It is difficult to predict the final result. If people decide to adopt it, this will be an important application. But we don't know what the specific purpose is.
New technologies are available all the time, but that doesn't mean they will all succeed in the end.
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