Feedback welcome to the idea for a off-chain trade protocol:
Are any other projects using bitcoin colored coins as described in the BSQ docs? https://docs.bisq.network/dao/specification.html
You describe many excellent opportunities to make the platform safer with BSQ bonds. I see the initial distribution will be to ‘contributors’ as described here: https://docs.bisq.network/dao/specification.html#phase-1
The date in the proposal is testnet perhaps in AUG.
Is there an updated schedule for the DAO that we are working from?
What are some of the taller hurdles that you foresee in the DAO proposal?
Thanks again and again!
I am not aware of other project using colored coins like we are. Most use it for asset issuance like Counterparty or Colu.
The biggest hurdle for the DAO is to get all properly tested and to be sure that the complexity does not carry security risks. But we will try to launch in a soft way with some firewalls in place to deal with potential bugs or attacks.
I saw someone mention here on the forum that instead of Bitcoin being the “main” currency, it should be Monero because it’s more focused on privacy. It got me thinking … Wouldn’t it be more beneficial to focus on switching the “main” Bisq currency from Bitcoin to Monero? That way it’d be more private and for example those BSQ tokens built on Monero blockchain would be even more private?
Also can somebody explain me, how’s technically possible to build a new coin onto existing bitcoin blockchain? (newbie question) I mean, in order to send you BSQ to someone, you have to have with you also you private key from you BTC address, since BSQ is technically BTC. So imagine someone having frozen funds in BSQ. How’s this hinder someone to take their private key from their bitcoin address and just transfer their BTC?
Monero is very different to Bitcoin and it would take a lot of dev effort to go that route.
BSQ is a colored coin so technically it is just Bitcoin but gets interpreted differently in the BSQ context.
You can think of it like that we agree that each satoshi from all outputs from tx xyz represent a ounce of gold. We can then transfer those virtual ounces of gold by sending BTC transactions. The face value of 1 Satoshi is very low but the face value of our virtual token is much higher. Think of it that Bitcoin is the base layer or carrier and you transfer some encoded value with it.
Here you can read more about the basic colored coin concept: https://en.bitcoin.it/wiki/Colored_Coins