On April 18th, the BSV Blockchain Association hosted a Twitter space to discuss the BSV Token Protocol. Speakers included Kurt Wuckert Jr., James Belding, Brett Banfe, Brendan Lee, Jab Wahab, David Case, Brenton Gunning, Ken Sato, Thomas Giacomo and Ty Everett.
— Bitcoin Association (@BitcoinAssn) April 18, 2023
James Belding discusses a customized approach to meeting publisher needs
Belding begins the discussion by stating that Tokenized will consider utility and user/issuer needs and desires as guiding principles. They explored all possibilities, starting with the outcome they wanted to achieve in mind, and then returned to technology.
Many BSV token protocols are fairly close in terms of value proposition, Belding said. The main difference is at the issuer level. He believes that not many have put themselves in the shoes of an issuer and considered what it takes to effectively manage their tokens. To the issuer, the token represents a relationship and the design should be tailored to the specific business and his needs.
Kurt Wuckert Jr. Talks Colored Coins and 1Sat Ordinals
Wuckert then talks about tokens as a high-level concept in Bitcoin. He puts his mind back on the colored coin, saying it’s the first he’s heard that it can be considered a token. Painting or coloring Satoshi can make it into a stablecoin, NFT, pointer, and more. This was his personal favorite way to implement tokens, but nobody wanted to do it.
Wuckert then explains that he’s a fan of 1Sat Ordinals, and GorillaPool provides additional infrastructure to help him with it. He likes the simplicity of the protocol, saying that it’s just a different way of counting Satoshi. “It’s an elegant way to say that a sat is a sat plus a value add,” he points out.
Noting that BSV has perhaps 10 different token protocols, Wuckert believes 1Sat Ordinals is so low-level that it can interoperate, including how to use existing token protocols.
Brendan Lee actually asks what a token is
Lee begins by talking about tokens in general. He states that it is not even clear what the token is if the issuer does not provide anything of value related to personal ownership and control of the token. I see a lot of “crypto thinking” in situations that create , sell on the market and have nothing to do with them.
Elas has its own token issuance mechanism, which Lee hesitates to call a protocol. Using it, the issuer splits the set of satoshis, each labeled as a particular token and indexed as such. These tokens can be transferred with a simple script like P2PKH. The only condition is that the wallet being used understands that it is a token and does not mix it with other types of Satoshi.
“It’s all about keeping things as simple as possible in the beginning, so that later complexity that needs to be built in becomes easier,” says Lee. This allows the construction of all sorts of interesting use cases.
David Case talks about various token use cases
The case begins by stating that I agree that there are many token use cases where the ordinal is low-level and unique to Bitcoin and does not require the issuer to become a currency. transferred on the blockchain. Ordinal numbers have a unique serial number, so an indexer can specify an ordinal number and track it over time.
Case says there’s a lot you can do with defining tokens yourself. There are different levels of definitions of what a token is, but at the end of the day, they all run on the blockchain, and the intent of what someone was doing, what happened to the token over time. etc., can be proved. Token use cases, not all of which require strictly defined rules for issuance, usage, and other factors.
“We’re working with different layers, and they’re completely compatible with each other,” he says.
Jad Wahab wants to see a fully tokenized world
Wahab has spent a lot of time developing wallets. n chain and the Bitcoin AssociationHe says he likes some things and thinks others can cause problems. He wants to see a fully on-chain world where everything is interoperable and configurable. He wants to live in a world where everything is tokenized.
Wahab recommends not getting bogged down in technical details that may not matter in the end. He notes that many token he protocols seek to achieve the same thing, and that it is important to focus on transitioning to a tokenized world in the simplest way possible.
Deggen Kellenschwiler on wallets, applications and ordinals
Kellenschwiler wears multiple hats in the BSV ecosystem. He said he has been heavily involved in developing applications for creating and interacting with tokens for several years. For him, defining tokens is difficult, and given the different use cases, a few different approaches make the most sense.
Kellenschwiler finds ordinals very interesting because it uses a fungible token protocol (Bitcoin) and creates a non-fungible protocol. He argued that people in different positions (such as miners and developers) would have to take different approaches to tracking tokens, and that it would be possible to come up with a very simple, application-specific token that uses Bitcoin’s base layer. It is pointed out that He advises people not to get bogged down in deciding on different token protocols because different use he cases can use different token protocols as needed.
Brenton Gunning Says Blockchain Is A System Of Data And Programmable Ownership
Gunning begins by saying that he wished this discussion had taken place sooner. After leaving RUN, he says he can see the landscape more clearly and like what he sees. He finds his Ordinals interesting and BSV’s token he would like to see some integration on the protocol.
Gunning said he has always viewed blockchain as a data and programmable system of ownership. Token was he one of that use cases and RUN wasn’t really a token protocol. To avoid this confusion, we called the token a jig. Like some others who participated in the discussion, he said it was difficult to define exactly what a token is and enjoyed the different perspectives shared in this discussion.
Ken Sato would like to see scalable peer-to-peer token transfers using SPV
Sato joined the Twitter space from Japan and it’s 6am with him. He has spent the past three years at BSV researching his token token protocol and says he has tested them all. Each has its strengths and weaknesses, and since it is in its very early stages there are not many examples to follow. His product is nearly complete, but the team has yet to decide on his protocol for tokens.
Sato says all token protocols have Back to Genesis problems and he and his team are working on their own solutions and are optimistic about it. He believes SPVs need a token validation solution to enable peer-to-peer transfer of tokens.
Thomas Giacomo talks about STAS
Giacomo works for the BSV Blockchain Association, building tools that make it easier for developers to build applications on the blockchain. He wants to talk about STAS.
With STAS, token value and ownership are transferred from sender to receiver using native Bitcoin transactions. The first iteration of STAS was built by TAAL and was intended to address enterprise-level use cases. A full technical audit has been conducted and STAS is suitable for regulated use cases such as the banking industry.
Ty Everett encourages experimentation
Everett elaborates on Ken Sato’s points regarding general validation of tokens and peer-to-peer exchanges via SPV. He states that all his UTXO-based tokens are relevant to his protocol and support this approach.
When it comes to token protocols in general, he believes different approaches can be applied. You don’t have to follow one particular methodology, and there’s room for everyone to experiment. He sees value in wallets that can interact with different token protocols. He’s not endorsing any particular protocol, but he’s happy to hear Ken Sato talk about verification and sending tokens peer-to-peer through his SPV.
Open floor and discussion
The organizer then opens the floor for all speakers to have their say.
Lee says that in theory it’s all good to talk about a protocol that anyone can use for anything, but in practice, issuers want to control exactly what their tokens can be used for. I’m here.
Belding reiterates his stance that things should be planned by a core team that tackles all important issues in the same way Bitcoin was designed. It has failed to build anything useful outside of it, and says that moving to the next stage requires planning as it introduces real complexity.
The Wuckert counter we had, along with a team dedicated to node software, various token protocols, and more. He says we need to go faster, break more things, and drop chips everywhere.
Everett says he has read many technical standards (about 50) and has room to read many more. He encourages people to share their thoughts about them, generate dialogue, and better understand the different approaches that exist.
The host then accepts user questions. You can ask that question by listening to an episode of Twitter Spaces via the link at the top of the page.
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