Bitcoin Tech #4 - Wrapped Bitcoin & Sidechains with Shinobi & Nadav Kohen - WBD342
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 30 April 2021
⏱️ 119 minutes
🧾️ Download transcript
Summary
Location: Remotely Date: Tuesday 27th April Company: Block Digest, Suredbits Role: Host, Software Engineer
Since Bitcoin's inception, scaling has been a divisive topic. The very first reply to Satoshi Nakamoto's email introducing the bitcoin whitepaper stated that "We very, very much need such a system, but the way I understand your proposal, it does not seem to scale to the required size."
The scaling debate came to a head in the block size wars. Part of the community wanted to scale bitcoin by increasing the block size. However, a larger section believed that scaling was better handled on other layers, culminating in 2017 with the BCash fork.
Four years on and the market has decided that layered scaling is the preferred solution. Today, there are several approaches to off-chain settlement, and by experimenting with these on higher layers separate from the protocol, the security of Bitcoin can remain robust.
These different second layers offer additional functionality and programmability not found on the Bitcoin base chain, but they do come with tradeoffs. Users should consider who or what they are trusting, be it a peg, a federation, a protocol, or a combination.
In this interview, I talk to Shinobi, the host of Block Digest and Suredbits software engineer Nadav Kohen. We discuss Bitcoin scaling, the Lightning Network, wrapped Bitcoin and Liquid.
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Transcript
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| 0:00.0 | Blockchains solve a very specific problem and you know that's their big innovation |
| 0:10.0 | but they suck at pretty much everything else. |
| 0:15.0 | Hello there from Bedford in the United Kingdom, the Bitcoin Mecca of the world, how are you all doing? |
| 0:21.0 | How's your week going? |
| 0:22.0 | I'm having a pretty good week |
| 0:23.4 | I've got some very cool news we've just crossed over 1 million downloads for the |
| 0:28.5 | month of April very very cool kind of blown away don't know how we did this but it's a very cool. Kind of blown away. Don't know how we did this, but it's a very cool milestone to hit. |
| 0:36.0 | So thank you to all the guests who come on my show. Thank you to all the listeners. |
| 0:40.0 | Thank you to Danny, thank you to Ben, thank you to my sponsors, thank you everyone. |
| 0:44.0 | It's very, very cool. |
| 0:46.0 | Anyway, welcome to the What Bitcoin did podcast, which is brought to you by Gemini, |
| 0:50.0 | the only place I am using for buying Bitcoin. I'm your host Peter McCormack, and today I've got |
| 0:55.2 | another tech interview with Shinobi, but we have been joined by the Savage from Clubhouse, |
| 1:00.0 | Mr. Nodav. But before we get into this show where we're talking about |
| 1:03.6 | side chains and rap bit coins and scaling Bitcoin. I do have a message from my |
| 1:07.8 | show sponsors and today we are kicking off with my exchange sponsor. We're |
| 1:11.9 | kicking off with Gemini, the only place I'm using for buying and selling |
| 1:15.0 | Bitcoin, but I ain't selling, I haven't sold shit through Gemini yet, I'm only buying |
| 1:18.9 | Bitcoin. We're in a ball market. I ain't selling my Bitcoin. Are you selling your Bitcoin? Come on what |
| 1:23.9 | the hell are you doing? Now I've been using the Gemini app. I've been using it for |
| 1:28.2 | two things. I've been buying the DIFs. Yes sir, yes I have but I have also set up my DCA twice a month. On the first and a |
| 1:35.8 | 15th, I am buying Bitcoin and I'm doing it through Gemini. They have killed the |
... |
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