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15) And it's all trustless and on-chain.

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16) Finally, there's SRM: the Serum token, a SPL (Solana based) token that powers Serum. 100% of net fees go to a burn of SRM, holders get discounts on fees, and SRM can be staked on nodes to help optimize the network's performance.

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17) And, my favorite twist, MegaSerum (MSRM): 1,000,000 SRM tokens stacked together, with limited supply and bonus rewards. All of this will wield funds to build the ecosystem and a specialized governance model to support Serum.

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18) We hope you are as excited about Serum as we are. Or at the very least, we hope you give it a shot. Serum, and SRM, will start rolling out over the next few weeks.

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19) Join us on Telegram (web.telegram.org/#/im?p=@Projec), twitter (twitter.com/ProjectSerum), and online (projectserum.com). Or see us soon, on a blockchain near you. (And maybe an exchange.)

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20) (also the website just went live, so it could take 20m or so for the DNS records to propogate. Sorry about that!) Meanwhile you can play a fun game on Solana: break.solana.com/setup?cluster=

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Interesting, any more info on the 'cross chain capability' means between them ? Is it as simple as sending to a deposit address on ETH and getting credited with a token on Solana much like how renBTC works?

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Yeah sort of like that, but: a) fully trustless b) also a cross-chain swap The whitepaper has an illustration of a version of it: projectserum.com/serum_white_pa

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From the whitepaper- how does the SC contract on ETH parse the BTC blockchain? I assume via an oracle ? In the case of other projects its via oracle or incentivized node operators, not exactly 'trustless' tho. Also HTLCs are burdensome to deal with

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HTLCs are a pain; we don't use them. For the 'oracle'--the awesome thing is that if two sources disagree on the BTC chain, the ETH/SOL smart contract can tell who's right (longer valid chain). So you can just let the 2 people in the dispute both submit, and the truth will win.

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Or more generally, if everyone submits "the blockchain" and even a _single person_'s submission is honest, the truth will win because the smart contract can tell it's better (longer and valid). So all you need is to stand up for yourself _or_ for a _single_ node to be honest.

12:43 PM · Jul 27, 2020Twitter Web App

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okay cool. what do I buy to invest in it, and where is the yield field?

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Interesting, so its not Alice or Bob who is submitting this truth in a normal undisputed transaction correct? It is someone else or a number of other people who submit this proof? Alice and Bob would submit proof in a dispute I assume, in the form of hash of last BTC block?

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Anyone can, and any number of people can. Crucially Alice and Bob can, so whoever is correct can ensure they win by just submitting the truth. But if they're asleep they're still fine if _anyone_ who submits is honest. Also you get rewards for being honest.

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