- By verifying the validity proof, parent chain full nodes do not need to replay all of the txs in the VRU block to be convinced that the block is valid
- No matter how many txs are in a VRU block, parent chain full nodes only need to verify one validity proof per VRU block
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- Assets can be securely and permissionlessly transferred between the VRU and the parent chain (creating a "trustless bridge" aka "trustless two-way peg")
- It is just as secure to hold an asset on a VRU as it is to hold an asset on the VRU's parent chain
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- Users can receive txs of any size (no inbound liquidity limit), including while offline (no interactivity requirement)
- VRUs can have totally different execution environments than their parent chains as long as parent chain full nodes can verify powerful enough validity proofs
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Key findings with regards to VRUs on bitcoin:
- VRUs could enable up to 100x more throughput than L1 with no block size limit increase required and no increase (maybe even a decrease!) in full node verification costs (blocks will tend to be fuller than they are today, though).
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- VRUs have strong synergies with the Lightning Network, enabling more channel open/close/rebalance txs that require block space.
- VRUs could also be used to build new execution environments on bitcoin that support new types of smart contracts or privacy protocols.
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- VRUs could be built on bitcoin using new op codes supporting recursive covenants and validity proof verification. Increasing or removing the stack element size limit is likely required.
- Specialized rules supporting VRUs could also be implemented in an L1 extension block.
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By enabling more efficient, creative, and private usage of bitcoin, validity rollups can generate new sources of demand for bitcoin block space. This could lead to an increase in fee revenue for bitcoin miners, thereby also increasing the security of the bitcoin blockchain.
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Given that validity rollups are "trustless" by design, and could be implemented without introducing new risks or sacrificing any of bitcoin's core values or features, I believe validity rollups could be a great fit for bitcoin.
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I look forward to seeing developers explore the design space for both enabling validity rollups on bitcoin as well as actually building different kinds of validity rollups for bitcoin. As detailed in the report, there are a lot of nuances and tradeoffs to consider.
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I'm happy to receive any comments and try to answer any questions anyone has about validity rollups on bitcoin. I'm also available to join your meetup, conference, podcast, twitter space, matrix/keybase/discord/telegram group, etc to discuss this topic -- DM me to schedule!
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Speaking of conferences, I'll be at #TABConf2022 later this week and of course down to chat about validity rollups while I'm there. If you see me don't be shy about saying hi! You can find my meatspace avatar on my website: lightcoin.btc.us
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why is this not blowing up more?! i mean this makes true sidechain a reality right?! its like super huge!!! why is there not more chatter about it????
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