Bitcoin Dev

15 January 2025 20:00

anybody know about haircomb?

Bitcoin Dev

03 January 2025 07:54

it's about different levels of financial responsibility, it should be supported by the network, ship owners declare their mutual financial responsibility based on trust and convert it into a smart contract which can be programmed by different signatures taking responsibility for different situations. If the ship caused a mishap and we know its details on the Blockchain the contractors have an opportunity to use the money reserved for the insurance case based on oracle information.

Bitcoin Dev

03 January 2025 07:33

Bitcoin Libraries: bitcoinjs-lib, btclib, or libbitcoin.

Multisig Wallets: Generate k-of-n addresses for stakeholders.

Hashing Tools: Use SHA-256 to hash vessel and insurance data.


Example Code Snippet

from bitcoinlib.transactions import Transaction, Output
from bitcoinlib.keys import Key

# Hash vessel data
vessel_data = "Freedom Voyager|Catamaran|50GT|FVOY2025|Neutrality Declaration"
hash_vessel = Key.hash160(vessel_data.encode())

# Create OP_RETURN output
op_return_output = Output.create_op_return(hash_vessel)

# Create multisig address
pubkeys = [owner_pubkey, insurer_pubkey, auditor_pubkey]
multisig_address = Address.create_multisig(pubkeys, required_sigs=2)

# Create transaction
tx = Transaction.create([op_return_output], multisig_address)


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Advantages

1. Decentralized Authority: Removes dependency on government registration.


2. Immutable Proof: Permanent records on the Bitcoin blockchain.


3. Transparency: Publicly verifiable data for stakeholders and neutral entities.


4. Accountability: Insurance agent payments depend on financial responsibility acceptance.




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Open Questions

1. Neutrality Enforcement: How to prevent nation-states from contesting the system?


2. Scalability: Can Lightning Network be leveraged for micropayments in insurance?

Bitcoin Dev

15 December 2024 21:01

Sorry my bad, I miss read, I thought you wrote kilo instead of killo

Bitcoin Dev

15 December 2024 20:45

i would prefer killo sats (ksat), but then again sat is fine too

Bitcoin Dev

15 December 2024 20:43

Oh, ok, so no soft forks or anything like that right ?

Bitcoin Dev

15 December 2024 20:37

https://x.com/bitcoinerrorlog/status/1867597672363806995?s=52&t=RwbB_VIX1lITvP4UkOKizg

Bitcoin Dev

15 December 2024 19:36

you need to link these things, don't expect people read what you did

Bitcoin Dev

11 December 2024 17:16

Thats side effect of decentralization

Bitcoin Dev

11 December 2024 17:13

mayority listens to the small group

Bitcoin Dev

11 December 2024 17:09

Isn’t security better with slower transaction and smaller block size ?

Bitcoin Dev

11 December 2024 17:05

i think its fair to say that bitcoin has some people that are keeping it on one trajectory, and its fair to say that other trajectories exist. What doesn't make sense is sugesting his trajectory is better.

Bitcoin Dev

11 December 2024 17:04

he did a lot of interviews, and is very angry with core to the point of teaming up with outright scammers (craig wright)

Bitcoin Dev

11 December 2024 17:03

No the one he did with Carlson

Bitcoin Dev

11 December 2024 17:00

Did anyone watched the Roger Ver interview? For clarification, I always believed and still believe that security is more important than scalability, and some of his statements about Bitcoin really bothered me, can someone shed some light on it or share thoughts on it ?
Thanks

Bitcoin Dev

15 January 2025 19:57

Are we able to discuss BRC20 development here?

Bitcoin Dev

03 January 2025 07:47

It comes down to the age old physical world oracle problem.

Who are the multisig signers?

Could you give an example of how redemption works?

A ship bringing stuff from Beijing causes mishap in Suez canal or in the Baltics?

Bitcoin Dev

03 January 2025 07:33

Guys, I would like to discuss this idea:

Bitcoin Improvement Proposal (BIP) for Decentralized Vessel Registration and Insurance Management


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Title: Decentralized Vessel Registration and Insurance on the Bitcoin Blockchain
BIP Number: TBD
Author: [Your Name]
Status: Draft
Type: Standards Track
Created: [Date]
Requires: Bitcoin Script, OP_RETURN, Multisignature, Taproot (Optional)


---

Abstract

This BIP proposes a standard for ship owners to move vessel registration onto the Bitcoin blockchain. The registration includes proof of vessel legitimacy, neutrality (non-affiliation with a nation-state), and insurance management. Insurance payments are handled via Bitcoin transactions, and the insurance agent’s payment is unlocked only when a party accepts financial responsibility for the vessel. This standard aims to replace traditional, centralized registration systems, promoting autonomy and transparency.


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Motivation

Current vessel registration systems are centralized and dependent on government recognition, creating inefficiencies, jurisdictional conflicts, and unnecessary bureaucracy. This BIP enables decentralized vessel registration and insurance management on the Bitcoin blockchain, ensuring:

1. Neutrality: Ships can operate in international waters without affiliation to any nation-state.


2. Transparency: Public, immutable records prove the vessel’s legitimacy and insurance compliance.


3. Efficiency: Payments and responsibilities are enforced via Bitcoin smart contracts.


4. Autonomy: Ship owners retain full control over their registration without government interference.




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Specification

1. Vessel Registration

Data Structure

Vessel registration requires the following data:

Vessel Information:

Name

Type

Tonnage

Unique Identifier (e.g., "FVOY2025")

Neutrality Declaration (non-affiliation)


Stakeholders:

Owner public key

Insurance agent public key

Endorsers (e.g., auditors) public keys


Insurance Contract:

Premium amount

Payment conditions

Responsibility clauses



Encoding on the Blockchain

Use OP_RETURN to store the SHA-256 hash of the vessel and insurance data:

OP_RETURN <HASH_VESSEL_DATA>


2. Insurance Payment Unlocking

The insurance agent’s payment is released under these conditions:

1. A party (shipowner, insurer, or third party) takes financial responsibility by signing the transaction with their private key.


2. The responsibility signature is hashed and validated in the script.



Bitcoin Script Example

OP_HASH160 <HASH_VESSEL_DATA> OP_EQUALVERIFY
OP_HASH160 <HASH_INSURANCE_CONTRACT> OP_EQUALVERIFY
<responsibility_pubkey> OP_CHECKSIGVERIFY
<k> <pubkey1> <pubkey2> ... <pubkeyn> <n> OP_CHECKMULTISIG


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Rationale

Why Bitcoin Blockchain?

The Bitcoin blockchain provides:

1. Immutability: Registration and insurance data are tamper-proof.


2. Transparency: Public verifiability ensures trust without central authority.


3. Low Costs: Registration and insurance transactions are handled efficiently.



Insurance Unlocking Mechanism

Unlocking payments via a responsibility signature ensures:

Incentives for stakeholders to fulfill their obligations.

Accountability for financial responsibilities.



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Example Workflow

1. Shipowner Registers the Vessel

Hash vessel data and encode it in an OP_RETURN transaction.

Include the public keys of all stakeholders (owner, insurers, endorsers).



2. Insurance Payment Setup

Define the premium amount and conditions in a Bitcoin Script.

Lock the payment in a multisig address.



3. Responsibility Transfer

When a stakeholder takes financial responsibility, they sign the transaction.

The insurance agent’s payment is unlocked once the signed transaction is broadcast.



4. Verification

Any party can verify the vessel’s registration, neutrality, and insurance compliance by checking the blockchain.





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Backward Compatibility

This BIP builds on existing Bitcoin features, such as multisignature wallets, OP_RETURN, and Bitcoin Script. It does not require any changes to the Bitcoin protocol.


---

Implementation

Tools

Bitcoin Dev

15 December 2024 20:59

Wait why kilo ? That’s a mass/weight measurement unit …

Bitcoin Dev

15 December 2024 20:44

no, its just an ui change. Many wallets used to experiment with these units, but then end up hidding them in settings.

Bitcoin Dev

15 December 2024 20:42

its up to the wallets really

Bitcoin Dev

15 December 2024 20:07

I suspect this is referring to the BIP that proposes renaming satoshis to bitcoins. I think that's a tall order due to how difficult it would be to coordinate and the mass confusion that would result.

Bitcoin Dev

15 December 2024 06:50

Sorry if I am off topic, but I don’t think I am.
I just read Carvalho tweet. Any thought on his new bip proposal ?

Bitcoin Dev

11 December 2024 17:15

in any way, forks showed there was no added value in his vision

Bitcoin Dev

11 December 2024 17:12

Yeah that was a huge mistake

Bitcoin Dev

11 December 2024 17:07

I agree and I was under the impression that the majority made the choice not a small group, that’s why I don’t understand what is he talking about

Bitcoin Dev

11 December 2024 17:04

Tracking transactions

Bitcoin Dev

11 December 2024 17:03

Where he states that Bitcoin has been highjacked

Bitcoin Dev

11 December 2024 17:02

https://youtu.be/JMcS3IQdCGA?si=hf69O7DGOARtMJz1

U mean this one

Bitcoin Dev

11 December 2024 16:53

So it say for future proof its way proper to use sha512