Atomic Swaps for Dash

DashDude

DashDude

Active member
If you haven't yet read John Pfeffer's excellent paper An Institutiional Investor's Take on Cryptoassets I highly suggest you do. I don't necessarily agree with everyting 100%, but it is an excellent and thought provoking look at the crypto space and the different use cases like store of value, payments, utility token, etc.

He basically makes the argument that Bitcoin is likely to win out as the store of value coin and that the payments space will be fragmented. Dash is briefly mentioned in the paper. It's possible that Dash could serve as both a payment rail and a store of value, but Pfeffer argues that due to decreasing friction to convert between store of value and payments that the two functions are likely to remain seperate.

If this is true and Dash wants to focus on the payments space it should also focus on eliminating friction between other payment methods and with stores of vaule which could include sovereign fiat currencies, bitcoin and gold.

I think Atomic Swaps could be very useful for eliminating friction between other coins and bitcion especially. I think it would be helpful to put this or something similar on the Dash roadmap. This could include native efforts for Atomic Swaps or some collaboration with Altcoin.io, Komodo and other projects working on Atomic Swap exchanges. Thoughts?
 
DashDude said:
If you haven't yet read John Pfeffer's excellent paper An Institutiional Investor's Take on Cryptoassets I highly suggest you do. I don't necessarily agree with everyting 100%, but it is an excellent and thought provoking look at the crypto space and the different use cases like store of value, payments, utility token, etc.

He basically makes the argument that Bitcoin is likely to win out as the store of value coin and that the payments space will be fragmented. Dash is briefly mentioned in the paper. It's possible that Dash could serve as both a payment rail and a store of value, but Pfeffer argues that due to decreasing friction to convert between store of value and payments that the two functions are likely to remain seperate.

If this is true and Dash wants to focus on the payments space it should also focus on eliminating friction between other payment methods and with stores of vaule which could include sovereign fiat currencies, bitcoin and gold.

I think Atomic Swaps could be very useful for eliminating friction between other coins and bitcion especially. I think it would be helpful to put this or something similar on the Dash roadmap. This could include native efforts for Atomic Swaps or some collaboration with Altcoin.io, Komodo and other projects working on Atomic Swap exchanges. Thoughts?
Click to expand...
This would be a great addition to DASH, anything that helps people in other cryptos move to DASH without using a centralised service is great!
I for one would like to hear some feedback on this from dash core.
 
From my understanding atomic swaps (on-chain) are already supported with dash, much like many other crypto coins. The off-chain atomic swaps with the lightning networks are a different type of swap utilizing those features.

Komodo barter dex is already doing atomic swaps with Dash.
https://www.dashforcenews.com/komodos-barter-dex-new-decentralized-dex-exchange-block/
another article
https://www.dashforcenews.com/atomic-swaps-multi-blockchain-world/

What i'm still seeking to understand is can the masternode network be leveraged to improve the atomic swaps with dash? Or can dash (eventually?) do a transfer to a off-chain lightning network because of the masternode network and instant send tech.

Building these bridges are very important for a currency coin, and i wish we got more attention in this department.
 
Yes, I've seen DFN write about this topic, but I haven't seen anything from Dash core on it. To the best of my knowledge there's nothing on the road map either. I'd like to see a plan for improvements beyond Evolution and scaling issues.
 
Right now, apart from Evolution, dash's number one priority should be to get onboard with Kyber Networks. There is nothing more important, period. Request Network (Evolution's nemesis) has already partnered with Kyber. We already live in a multi-token world and it's not going away, ever.

There are others we need to integrate with. The only way to be a payment and store of value is through market depth. Dash has low volume compared to others, these integrations will help enormously.
 
GrandMasterDash said:
Right now, apart from Evolution, dash's number one priority should be to get onboard with Kyber Networks. There is nothing more important, period. Request Network (Evolution's nemesis) has already partnered with Kyber. We already live in a multi-token world and it's not going away, ever.

There are others we need to integrate with. The only way to be a payment and store of value is through market depth. Dash has low volume compared to others, these integrations will help enormously.
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I need to do some reading on Kyber Network, it sounds like the same thing as atomic swap.
In Aussie slang the Kyber has a very different meaning. Lol you could call this the Kyber pass
 
Atomic swaps will be the backbone of the cryptocurrency future which will be beyond the scope of understanding for your average consumer, let alone bitcoin experts, 10 years from now. If Dash focues on having solid fundamental technology and a supportive community, they will likely prosper to some degree.
 
GrandMasterDash said:
Right now, apart from Evolution, dash's number one priority should be to get onboard with Kyber Networks. There is nothing more important, period. Request Network (Evolution's nemesis) has already partnered with Kyber. We already live in a multi-token world and it's not going away, ever.

There are others we need to integrate with. The only way to be a payment and store of value is through market depth. Dash has low volume compared to others, these integrations will help enormously.
Click to expand...
you have been a fan of Kyber Network and Request network for long :) , can you explain why Request Network is Nemesis of Evolution ??
 
From their latest blog post:
https://blog.request.network/reques...uncing-a-30-million-request-fund-6a6f87d27d43

The Request protocol aims to formalize financial flows on the blockchain by setting the standard for payments, invoicing, accounting, and auditing in cryptocurrencies, so that crypto-enthusiasts can invoice, get paid, and get their salary in crypto.
​
A list of projects they're looking to fund:
  • Mobile apps to create, detect, and pay requests
  • Invoicing apps (Paypal-like)
  • Point of Sale (Square-like)
  • P2P payment apps (Venmo-like software)
  • Crowdfunding apps (Patreon- or Kickstarter-like)
  • Online payments e-commerce plugins (WooCommerce, Shopify, Magento,…)
  • Payroll apps (Gusto-like)
  • Supply chain traceability
  • Accounting apps (Quickbooks-like)
  • Smart financial auditing algorithms
  • IoT platform integration (IBM Watson, AWS IoT, Azure IoT, etc…)
  • Factoring apps
  • Expenses (Expensify-like)
  • Virtual Reality payment integrations
  • Off-chain reputation systems
  • Crypto-currencies VAT/Tax payments
  • Insurtech
 
GrandMasterDash said:
The only way to be a payment and store of value is through market depth.
Click to expand...
@GrandMasterDash There is another thing that I think would help with the store of value part of the equation - cross chain anchoring. One feature of Bitcoin is that their chain is the most secure because it's backed by the most hashpower. However, Factom is using a unique idea called cross chain anchoring where they basically write a merkle tree of their own chain to bitcoin's chain. Therefore if an attacker wanted to attack Factom they'd have to attack both the bitcoin chain and the factom chain at the same time.

In theory, if Dash did cross chain anchoring with bitcoin and or another large chain we could argue that we have the most secure chain in the world backed by the most hashpower (the sum of the individual chains). For a "transaction rail" use case, this is probably overkill on security, but for the "store of value" case I think chain security enhancements would be meaningful. I'd love to hear a tech expert weigh in on the topic of cross chain anchoring!

@UdjinM6 @eduffield222
 
DashDude said:
@GrandMasterDash There is another thing that I think would help with the store of value part of the equation - cross chain anchoring. One feature of Bitcoin is that their chain is the most secure because it's backed by the most hashpower. However, Factom is using a unique idea called cross chain anchoring where they basically write a merkle tree of their own chain to bitcoin's chain. Therefore if an attacker wanted to attack Factom they'd have to attack both the bitcoin chain and the factom chain at the same time.

In theory, if Dash did cross chain anchoring with bitcoin and or another large chain we could argue that we have the most secure chain in the world backed by the most hashpower (the sum of the individual chains). For a "transaction rail" use case, this is probably overkill on security, but for the "store of value" case I think chain security enhancements would be meaningful. I'd love to hear a tech expert weigh in on the topic of cross chain anchoring!

@UdjinM6 @eduffield222
Click to expand...

Anchoring to bitcoin is exactly why I didn't buy factom... I didn't like the outside dependency. But I agree, cross-chain transactions is a utility multiplier.
 
I was also thinking about the outside dependencies, but there might be some solutions. For example, let's say Dash anchored to the three largest chains. The algo could default to using Dash's own chain unless all three of the other chains were in agreement and differed from Dash's chain. This way Dash just does it's own thing most of the time, but there's a safety check against three outside benchmarks in the event of an attack on the Dash chain. Just an idea...
 
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