Greetings HIVE community! We are excited to announce our first DHF funding proposal for the VSC project. This is the first part of a two part proposal, the first proposal will give us an initial burst of funding to build out a basic VSC testnet over the next 4-5 months. Around that same time of the release of the testnet we will put out our second main VSC proposal, which will allow us to continue development for the next year. We'd appreciate the support from the community and we invite you to thoroughly read through this proposal and associated proposal draft (essentially our whitepaper)
For those who don't know, the VSC network is a next generation smart contract system that will power the next generation of HIVE DAPPs. For a very long period of time, HIVE has completely lacked the ability to create, maintain and operate truly open smart contracts either on the base layer or an equivalent L1. VSC aims to completely change that, by providing a universal, composable, and modular layer for DAPPs to customize, create and reuse smart contracts. With the advent of VSC, we could bring HIVE into a flourishing ecosystem of longterm builders and growth.
Additionally and most importantly, VSC isn't just a theoretical project. We've been operating a very basic testnet to demonstrate and experiment with different designs. We already have 10+ community ran witnesses. So far, we've learned a great amount of information about how VSC will look and the challenges ahead of it. We are up for the challenge of this massive endeavor.
We aim to provide the community with a powerful but flexible system to handle L2 smart contracts. VSC smart contracts will be match and past attempts at bringing smart contracts to HIVE. The time is now to be excited about the future of HIVE.
Aside from addressing already existing concerns, our aim is to also address future concerns of scalable and multi-chain/cross-chain support. Our longterm goals of being scalable require us to use scalable datastructures like CRDTs, DAG, etc and utilize a unique consensus structure to handle the load. Ultimately, this utilizes HIVE as the base layer for communication, providing VSC with lightning fast confirmation times and censorship resistance. We are actively looking into solutions that will help further make both VSC and HIVE more efficient for this type of project.
VSC Brings:
We will be releasing several blogs over the following months to further clarify each of these points and why they are ultimately important.
For more information about the core of what VSC is, see our website and draft proposal below.
@vsc.network/our-first-dhf-proposal-initial-draft
https://twitter.com/taskmaster4450/status/1715008177048076697
- taskmaster4450
…along with many others showing their support.
Executors pools are responsible for the sharding & maintainership of smart contracts on VSC. Each pool is a separate set of nodes from other executor pools & the main witness system. This does not mean a node will be excluded from operating in multiple pools, rather the goal is to enforce horizontal sharding as the number of nodes on the network increases with usage.
Aside from VSC bringing smart contracts to HIVE, VSC also plays an important role in making wrapped Bitcoin a reality on HIVE. Due to the nature of VSC smart contract scalability, VSC contracts are a perfect fit for the data intensive task of handling cross chain wrapping. To do this, we've created a technology called the "chain relay." The easiest way to explain is it's essentially a compressed copy of the Bitcoin blockchain into a relatively light weight smart contract. This contract gives us the ability to prove or disprove wrapping operations on the Bitcoin mainnet. Handing out wrapped Bitcoin or slashed collateral where needed.
The chain relay can also do more than just wrapped. It enables dapps to create arbitrary functionality reliant on something happening on the Bitcoin mainnet. For example a VSC smart contract using the chain relay, can help coordinate a swap of a Bitcoin Ordinal between a seller and buyer.
We will ultimately need to build:
As a few of you already know, we are in the process of building a specialized frontend for handling the wrapping/unwrapping of Bitcoin. The frontend would not only handle wrapping, but also trading between HIVE/HBD, not unlike tribaldex/simpleswap. However, we have a lot more planned for what this will ultimately turn into, so stayed tune for a release date and our future plans. You will not be disappointed.
Name Subject to change
To assist with the future development of the VSC project. We have established multiple research projects that we will pursue to guide the subsequent phases of VSC development. These may or may not be worked during the timeframe of this proposal, but our goal is to work on them. Additional development of these goals will mainly be placed on future proposals.
We are asking for $55,491 over the next 4 months. This will serve as a transformational phase between now and the testnet we will release in around 4-5 months, along with setting the vision for what VSC will ultimately look like. While this might seem like a relatively small amount, we will need your continuous support on this proposal and future proposals to ultimately build out this project.
Thank you for letting us be part of the HIVE community.
Subject to change due to unforeseen challenges or new scope
Website: https://vsc.eco
Twitter: @vsc_eco
Hive: @vsc.network
Github: https://github.com/vsc-eco
Repo: https://github.com/vsc-eco/vsc-node
