I read all the best Bitcoin content out there so that you can listen. This is a crypto. Kana me quick read with guys swan. All right. So I'm going to call this episode the Bitcoin roadmap and this there isn't really an official roadmap because there's not an official. There's no Bitcoin company to make a roadmap. But this is what I have been seeing. This is what has been has been spreading amongst the developers fast and Seems to be in consensus about where were the where the movement of this ecosystem is going where the movement of the technology is going and there is a general consensus on making these tools work and making them accessible to us and the amount of people that are working toward. It just seems to suggest that this I think John Newbery has a Twitter thread here. This is what we're thus what we're reading on the show today and and he goes through all the stuff that's happening in development and where he thinks Bitcoin and lightning are going in the future where 20/20 is going to take us and there is so much in here to unpack that it just truly deserved its own quick read. So we are reading a Twitter thread Again by John Newbery who's a chain code labs and an incredibly active huge contributor to the Bitcoin code base and So without further Ado, let's go ahead and jump into the thread and then we will talk about it afterward. tweet by John Newbery the end of the decade is a good time to look back and Marvel at the giant strides that Bitcoin has made since Satoshi gave us the white paper in 2008 is also a natural point to look forward to what the upcoming years might hold in store. This is where I think Bitcoin is headed over the next few years. Tell me why I'm wrong and what I've missed. The lightning protocol teams working on see lightning at block stream eclair at a sink and L&D at lightning and rust lightning will continue to iterate rapidly on the lightning protocol all implementations now support basic multipath payments link will get better support of that as well as dual funding splice in and splice out taken together. These technologies will make Channel and Liquidity management much easier, they'll be automated Fade Into the background and user experience will improve drastically lightning infrastructure will improve bitfenix recently added lightning deposits and withdrawals all other exchanges merchant service providers custodians and wallets will follow suit or become obsolete. We will see more lightning wallets a mix of non-custodial self custody without Source routing. And fully self-managed wallets. This is a brand-new space and there will be lots of experimentation different teams will find different niches to fill already while it's like Moon wallet Breeze Tech Phoenix wallet Ellen's app and blue wallet dot IO are experimenting with different models tooling for lightning developers will improve when we ran the lightning apps residency just over a year ago the attendees spent a lot of time setting eating up their lightning Dev environments Now with polar by Jamal James lightning app developers can set up a test environment with a few clicks more and better tools will continue to appear with better tooling will see faster Innovation on the application layer teams at Zebedee I/O and satoshi's games and others. We haven't heard of yet. Will Delight us with new and unexpected lightning experiences. The schnoor taproots off Fork will be activated in 2020 or 2021 that will provide a huge Improvement in fungibility privacy scalability and functionality for an overview of the benefits watch the optech exec briefing here. That'll allow lightning to upgrade from H TLC's to payment points. That's a big Improvement for privacy and payment D correlation and allows stuck 'less payments with proofs of payment another huge boost in lightning usability. See the shirred bits series of blog post here for more details on payment points. Even better lightning Channel opens and closes will look identical to payments to single Pub Keys. The same is true for payments to K of n Pub Key thresholds that is good for fungibility privacy and scalability. In fact with snore and Taproot. There's almost no downside to encumbering UT EXO's with Advanced scripts instead of single Pub Key outputs. Cold Storage UT EXO's will be K of n multisig key trees and all hot wallet UT EXO's will be stored in Channels with splicing out used to make own chain payments when transactions hit the chain, they'll look like any other single public key or signature payment payments into wallets will pay directly into Channel open outputs. Thanks to e Snyder for pointing this out to me. There will be no concept of a known. Unchain balance and an N chain balance just a single unified balance that can be used for lightning or on chain payments while it teams will collaborate on a page. Oin payment protocol a large number of on chain transactions will be two input two output transactions vastly improving fungibility and privacy and foiling chain analysis. The inputs to those pay join transactions, maybe Channel splice out in the outputs. Maybe Channel opens. There will be no way to tell from observing the chain eventually, we'll have cross input signature aggregation, which means those pay join transactions will have only a single signature and will be cheaper than regular change producing transactions. Larger coins will be cheaper still an advanced pay join payment protocol could even batch multiple payments to the same merchants or exchange and use only a single signature. We will get sick hash. No input or Sig hash any previous out making L2 possible and blurring the lines between layer 1 and layer 2. That'll make lightning even more usable and allow more advanced layer to contracts like Channel factories. All these Advanced features will require greater wallet interoperability. That is where many script comes in with many script wallets will eventually be able to enter contracts with each other that don't require pre-templated scripts as Lightning currently. Does this wallet interoperability will allow faster innovation in Layer Two contracts, op C TV or some Covenant enabling opcode will be activated allowing richer Layer Two constructions, like join pools taken together with Taproot. And Sig has no input. We will get extremely rich in private off. Pain contracts made possible. Some of these things will happen in 2020. Some will take a bit longer but they're all heading in the same direction using the chain for what the chain is good for that is to say the blockchain allows nodes to arrive at an agreed Ledger State while Contracting and functionality move up onto layer to doing so is cheaper more secure more private and allows As for more rapid Innovation, none of this is inevitable and none can happen without the industry of many hands and the creativity of many Minds there are years of work ahead for developers researchers businesses and users. If you run a Bitcoin business, you can help by supporting sponsoring or hiring open-source developers. If you're a Bitcoin user you can help by demanding that any service you use supports the open source. Because system if you're a developer, you can help by reviewing and testing PRS and releases Bitcoin core dot reviews is a good place to start 2020 is going to be a great year for Bitcoin and lightning protocol development. All right, so there is a mountain to unpack in this post and we will do that after we hit our sponsor real quick and then jump back into the commentary. For anyone who has a podcast anchor cannot be beaten particularly for trying to get off the ground their entire platform is free. This includes unlimited hosting both in audio that you upload and how much your listeners download. I have uploaded an incredible library of audio now and I've never paid anchor a dime. In fact, they connect me with other sponsors and have run an ad consistently on my show. So they've paid For exposure to my audience that's really hard to beat even if we ignore that I can record directly in the app or my browser. I don't need any other software. If I don't want it I can edit at sound effects clips and they automatically publish to all of the top podcasting platforms. I never had to do a thing. So if you were thinking of starting a show or already have a podcast, there's no better platform out there check out anchor by downloading the app or go to Anchor dot f gem today Alright, so like I said, there is so much to unpack here and I'm calling this or at least I am thinking of this as a Bitcoin roadmap here their first. There isn't the Bitcoin roadmap. There is like a actually one of the first things I did when I snagged the crypto economy tag was making infographic of an old Bitcoin roadmap actually and it was well before segue it. It was one it was coming into its own and like being proposed and all of that good stuff and it was kind of a layout of what will happen in the coming years and was funny. Is it all of it basically played out and it was really exciting to see and I had forgotten about it until my brother mentioned it the other day. So I'm going to dig that up. Actually. I'm sure I've got it on my computer somewhere and I'll repost that with this and I may be making a new infographic. it as a reference that will probably be based mostly on this Twitter thread since John Newbery literally goes into pretty much everything there is to go into or the vast majority of it at least but there is so much stuff going on in here and I'm I cannot believe that amps are already out and I'm so excited to see this implemented in some of the The user wallets really like breeze Moon wallets zap all of these things so that so that I can kind of see it in action and you know, maybe cause I'm not sure how this is going to unfold like right now. I'm just like I'm super jittery and I'm waiting I want this to be a thing like really really bad because it's here and I think if I'm not mistaken see lightning is the only one that has multipath multipath payments live at this moment. But wait, no this this the he says in this thing all implementations now support them on a second. Let me check on this. All right, I went hunting but I can't confirm one way or the other. Oh my oh my searches. You're not coming up with what I'm seeking. But so whether there are available in every implementation or not. They are going to be soon and amps is just just for The sake of refreshing everybody here multipath payments or Atomic multipath payments, which there's a number of number of different constructions of how to actually pull this off and I think the only one that's alive is bass amp, which is basically taking the current iteration and just splitting it up of across multiple channels, but lightning really has a limitation right now in that you can only send a payment over a single channel. So if you have five channels Open well, then whatever your your capacity of your highest of your biggest channel is is that is the biggest payment that you can send so if I've got five channels in there all $100. Well, I can't send $500 because I can only send over one channel. I can send a hundred dollars is my Max payment ants are the solution to that and that's one of those things that only if you knew how lightning work would you be able to I mean, I'm sure there are people who are listening to this right now who were like, okay. I'm trying to My head around this channels and and bar tabs and all the crap all the explanations. I've given in the past. But all the confusion with channels goes away as soon as you just have one balance and that's what multipath payments do. That's one of the key parts of this entire puzzle of the user experience puzzle so that even if you have five channels with a hundred dollars each if you've got a route over all five of those channels you can send a A single $500 payment by breaking it up 1/5 over each Channel and that's what Amps do. And I truly did not expect that we would actually get it this year. I thought this was going to be a 20/20 thing on and the fact that we got this this was my best of all the Christmas presents was that amps are now live and they in combination with those with looping and loop out. We'll just kind of keep going through this Twitter thread here. So I don't kind of get ahead of myself, but this is going to be a huge Improvement to the lightning to liquidity management. To channel management and to infrastructure to the LSP model the lightning service provider. So when as the institutions that are trying to manage liquidity and keep things alive on the network and keep payments going through and keeping liquidity available from you know, exchange a to your exchange or back from exchange a to exchange be through you like all the different I like the presents that you want to have that these businesses are trying to have own lightning is going to be vastly easier to manage with this and many of the other tools that got released this year. And as they slowly get implemented into these actual Services into these actual wallets. It's just going to be unbelievable the capability of making all of these tools happen. Utilizing them all at once and this year in particular. I think we finally seen I think we solved the specialization of the network of the protocol between the users the the specifically LSPs and then the sort of like normal routing nodes and the nodes that simply want to build a presence and have Highly usable routes and availability either for either for their own purposes or just to connect a handful of friends or I'm speak to people that like, you know join into like a liquidity group or something like that. I think the specialization of these sorts of nodes and how they treat the network and how they open and broadcast channels and all this stuff. This is really started to diverging this year and what we're seeing more and more or with what is visible on the lightning network with public channels and public updates and all of that stuff is that we're we're seeing more and more just the infrastructure of lightning while the users are kind of Disappearing and and we're seeing this more and more because the services themselves like lightning service providers the wallets that like the non-custodial wallets that connect to their own lightning node service these these services are opening private channels with the Users specifically because they don't want them broadcasting information to the network. So they're invisible like the users on the network are slowly disappearing because there are channels are private and for good reason you don't want them accidentally rerouting to routing payments on the network because they're not going to be reliable is going to be a mobile wallet if I take it out of my phone and make a payment. I don't want somebody to accidentally route through me and then my phone dies that afternoon and now their money is stuck in a Channel with me that nobody's nobody can make use of because I've got it on mobile. It's stupid. I'm just a casual user here on mobile. Why would someone be treating me like always online infrastructure for the lightning Network? So it makes very good sense that this specialization is finally occurred and that we're seeing this start to play out where Nodes that do you want do not want to Route our are specifically hiding themselves are specifically not broadcasting to the network. They're not responding to the pings. And then you have nodes that are just building a presence and you have nodes that are specifically trying to provide a service and own board thousands of other users nodes like breeze like zap like and the Olympus service Sparks swap bit refill in the Thor the Thor channels and all of this stuff the channels as a service and there's a lot of that stuff going on and it's really exciting to start to see these competing implementations. Are these these competing business profiles I guess for how to best use this technology and I think we are getting very close just like just like John says in this in this Twitter storm or tweets right here is that we're going to get more fully self-managed wallets. It's going to be Huge mix is going to be a mix of all sorts of different wallets. And and that's what we see now like, I mean just to five or six months ago. You didn't have anything to pick between on iOS as far as wallets go and everything was in beta and now I've got to have I've got a whole page of just like lightning wallets and stuff that I'm testing out. I think I've got to custodial ones. I've got like three non-custodial. I've got the the ones that he mentioned. I've got all of those. In fact, I didn't know about Phoenix wallet until this tweaks to him. I was like, alright downloading it. But I blew wallet wallet of Satoshi Breeze blew wallet and Wallop Satoshi are both custodial Moon wallet is one that will pay a Bitcoin invoice from wait. No no, it's the other way around this up. And yeah, it's a pee lightning invoice from a Bitcoin wallet. So you just have a normal Bitcoin Wallet balance and but you can pay a bit coin invoice or a lightning invoice and then you've got Breeze which is more of the very Pacific LSP, like lightning service provider a sort of software where they're opening a Channel with you and they were providing liquidity so that you can receive payments Straight Out The Gate and that you can start using your wallet in a matter of like a minute or so, like like the sinking time is so fast setup is takes hardly any time and I have no doubt that they're probably going to be implementing turbo channels which just means that there will be no time at all as soon as you write the transaction with Breeze and they give it to you you we'll be able to immediately spend out of it. That's what Jack valor's and Olympus is doing with the opening of their channels. That's how if you haven't seen that video check out a jack Myers on Twitter. I'll put a link at gotta remember to put all this stuff. There's so many so much crap. I want to go through but he has a link has a video where he literally went from a debit card or credit card to to a lightning payment to a lightning Channel without had no previous set. No, previous channels. Nothing like that went to a channel that he can immediately then spend asks where I think it was like 15 seconds. And this is that stage. This is the stage where these sorts of tools are getting built and that sort of user experience is finally becoming possible because of all of this and that's with the vast with the zap wallet specifically, but Moon Moon wallet is has another fascinating tool in that is that they're using Atomic swaps. They're using the loop in and loop out where I can send a lightning payment into the lightning Network and then somebody can essentially fulfill my Bitcoin invoice received the lightning payment and then they push and unchaining normal Bitcoin transaction on the other end to fulfill the invoice and then vice versa that I can send them a Bitcoin payment and they will pay a lightning invoice on my behalf and that those payments are locked to each other so that they never they don't happen unless they both happen and Moon by the way moon is in you you in which I don't know if I hate it or if it's brilliant, but I got like the all the like little like slightly misspelled shit sort of drives me crazy sometimes but and if it's pronounced if it's actually pronounced mun, well, then then I hate it is pronounced Moon. I'm still on the fence about it, but it's mu you in if you were trying to check it out Breeze also, they forgot to put the E on the end home purpose. This is bre easy. Phoenix is actually spelled correct? No FC anything like that pH like normal zap and then blue wallet were the ones that he mentioned and there's so much to play around with their if y'all haven't like dug into this stuff. I'd highly recommend it is really getting to that point and there's a lot of great places to use it now that you've got fold and bit refill you get SATs back on a lot of these this is another huge thing. That's like slowly coming into its own it. The idea of paying people back their change in satoshi's on the lightning Network. This is something that I just kind of came out of left field and I'm really surprised by the success with it. And I think this is going to be I think this is going to be a thing. I think this is going to continue to accelerate and in fact, I saw something just the other day and I'm going to fail at finding this. I hate it when I find out I see something that catches my eye and I don't say that it drives me crazy, but there was a another thing of someone if you You go and spend money at this place. It will give you it will round round up your stuff or if you're like actually like with physical physical cash. They give you back your change in a lightning Channel and that's something that I actually talked about in one of the episodes can't remember which one it was, but that could actually make physical Bitcoin like like like an open time or physical Bitcoin Litecoin. With a fixed denomination of like I'm always handing over .01 Bitcoin or you know, 10 million satoshi's or whatever it is or million strategies is that it actually makes the quote unquote cache of Bitcoin viable because you don't have to implement everybody having changed like like like when if you're spending a $20 bill, well, then they have to make sure that they've got pennies dimes nickels quarters dollars $5 bills Etc. They have to have the whole range of change. Where a As in Bitcoin, if you're spending a quote-unquote $20 Bitcoin Bill and you're getting change back as you know, roughly $2. Well, they can send you a single lightning payment as your change and that's a really interesting way to kind of skip the infrastructure phase whether or not that's ever going to happen. Yeah, who knows but that would actually make Bitcoin Hardware like like physical Bitcoin notes or physical Bitcoin bills in a since actually viable with a far lower barrier to entry essentially updating your point of sale or downloading new software rather than having to get you know coded the go to the Bitcoin banking get a crap ton of Bitcoin physical change, but the tooling the tooling this is this is actually something that I was not keeping track of with polar and this is just one of those things that like every once in a while when somebody brings it up like I'm glad John Newbery actually put this in the thread because this is so easy to miss and more importantly so easy to underestimate how important it is that the environments for experimenting with this for building with this for the development environments. They're easy to set up and it talks about like the first lightning residency that they did that there was a ton of time in setting up their lightning Dev environments and And are setting up in pierre-pierre Richard's a lightning lightning programming lightning Workshop. Very similar took a long time to get all of this Kinks worked out to the set everything up and get to the point where we were building with it was fun, but it was in fact a long part of the process here. And the fact that there is this centrally a one-click or like a couple of clicks like boom. You've got a test environment and you can start playing and experimenting with tools. That's a huge Improvement that goes completely unknown. It's one of those things that no consumer sees that that has happened even though it could it could have such a profound impact on the development environment and on the speed of building these new tools and all the other innovations that are unraveling in the midst of this things like schnoor and Taproot that we're going to see our about expanding in a massive way the breadth and the reliability of the tools that can be built. So now that we have like incredibly fast deployment of development environments and then we're getting broader and more capable tools to actually build with and something like Taproot where you can build an elaborate structure of scripts and then just display it as a simple Merkel root and a single a Taproot signature and Taproot public key like the amount of the just the The capacity that this thing will have to innovate and build new tools and new sorts of contracts and iterations on thing like the lightning the lightning contract specifically and other other things that we can do with. This is just going to be unbelievable and the faster we can get from unthinking of the idea to I'm in an environment developing on that idea is a huge huge factor. That just goes overlooked ZB D dot IO he links to any Come out like this. So following the whole setting up a test environment here. I think it's CBD or Zippity zappity. Maybe that's not that's a it's like a it's like a religious word isn't what is that? I don't know but this is about lightning games and you've got satoshi's games. I believe satoshi's games is the one that's working on the light night or of the yeah. Yeah lighten. It weren't working on the late night game if you guys have not checked that out yet. This one's so Mmm, it's really exciting. And I think that's the one that are specifically different one that does the Bitcoin bounty hunt Bitcoin Bounty Hunter. Maybe I don't know. I don't know. There's there's a lot of really fascinating and cool-looking games that I actually really want to play around with most of the stuff up to this point. It's been like little gimmicky kind of stuff or like, you know, Mario Brothers with like actual satoshi's or something like that this fun to Tinker around with for a minute, but not to like actually sit down and play for a No an hour in my opinion, but this is really exciting. This is like a real game. It's a play on Fortnight and zbd is another one that is doing a couple things to be perfectly honest. I have not kept up with this very well. I'm just because Bitcoin has destroyed most of my gaming habits. Christmas is my one time to actually sit down and play games, which I have done in the last couple of days and it's been very nostalgic. But there's going to just be so many. I'm so excited to see what people built with this now that a the building environment is becoming so much simpler or at least just faster to deploy and easier to work with and and these these new tools are coming out. It's just really exciting lightning conference. I think most of this was unveiled at Ln conference this year, which this is the first year of the lightning conference, so, Another huge thing is that there's there's that much excitement and there's that much building happening around the lightning Network to host its own freaking conference. I hope snort moving onto Shore and Taproot. I hope that this is implemented in 2020. I think that's a little bit too. Bullish. I think that's a little bit impatient. So it might be twenty one that we actually get activation, but this is going to be At the I truly think this will be one of the most important soft Forks that we ever get in Bitcoin and was what's really fascinating is that it's such a an extension of the engineering mindset and basically the previous Bitcoin roadmap that we sort of had to look with is that one of the most one of those powerful elements or I guess you could say features of segue. It was the versioning was it was the ability. You to deploy many solve Forks at once rather than just a single one was to move the signatures often basically have more breath and what you can do and the ease of implementing new signature types and new signature. I mean new new scripting like opcodes and stuff like that and a lot of it was about streamlining exactly this sort of upgrade and this is like taking it another step further. Is it with something like Taproot is the script becomes completely hidden from the actual a payment so you can the just the inner working of all of this stuff is just getting so clean and at the same time more capable and that's one of the most powerful Concepts in how to build something that is going to last for the rest of my life. You know, like how do you build something that will survive that will do this one job of a monetary Foundation that nothing can compete with and I think that's what we're seeing. It happened. We are living it that's freaking exciting and it's nor we've talked about your numerous times. If you haven't I'll let me go and throw that in there too. So I'm ahlers snore. I'll link to that episode. We read are invert alms introduction to schnoor and Taproot. That's a really great episode. Just kind of digging into all of the things that become possible. Now, this is something that I did not know about Out so moving on from snore is from moving from HDL cease to payment points. This is fantastic and I had heard of this but I didn't realize what it was. I think I misunderstood and thought that this was the whole page online and paid it in point sort of thing. But that is not what this is is at all. So shirred bits as you re di bi TS, which I am now following. Well. No, I am already full. Are they I just read the first three parts of their payment points thing and actually recorded them in audio a lot of math in there. And so I don't know if it's actually going to work for an episode but I'm like just release the audio just so that somebody who wants to listen to it can I'm we'll see but I just when I was going to sit down and read these whole things I was like, you know a screw it I'll just go and record an audio for it. So the payment points this is crazy. Ting so H TLC's have a limitation. It's real simple concept. So like let's say we're going across three channels here. Like we're paying from me to you to Starbucks. Whoever I'm paying right and are we are locking up the payment with a secret that I give to Starbucks. I don't give to the person in the middle. I don't give it to you because I don't want you to have the payment. I want Starbucks to have the payment and then when they redeem It's basically like a secret key here. And when they redeem their payment from you, they you know, unlock the lock and reveal the key in the process and then you take the key and unlock mine. And then therefore I have paid you the five dollars and you have paid them the five dollars and the payment either goes through completely or you get the key, excuse me it either fails or it goes through completely because the only way for them to get the payment is for to give up the key that gives you payment so it's like dominoes falling back from the destination back to me and there's a bit of a there's a number of limitations with it one is that you're using the same secret for both hops, so the one that I'm sending to you and the one that you're sending to a Starbucks uses the exact same secret. It's the hash time-lock contract. It's locked to a hash of a key. And in doing so it's very obvious did when you're unlocking, you know, when you're unlocking the payment earlier in the line versus later in the line. This is the exact same payment because it's the exact same hash is the exact same secret and consequently the hash of the payment. So there's a is referred to as correlation, you know D correlation we want so that the third node and if third node in the first node, or I guess the second note are talking to each other. They don't necessarily they can't like look at each other's databases and be like, oh well, so the payment came from you that went to then the next person etcetera etcetera you're able to correlate and see the transaction through its entire series of hops, if you can talk to all the other nodes in the Hop, but if you've got a payment points, this is the fascinating new trick is payment points actually. Lee create the keys separately by I don't know of a really good way to explain it because the math is kind of complicated and I had to stare at it and think about it for a really long time. But essentially it's like a subtraction problem where you give each node along the way just enough information that they can can they can subtract that information from it without knowing all the other pieces. So let's say you've got four numbers. numbers together and you give each node has Got it. You know what? We're not even going to go into the specifics because it's probably too hard to explain and a butcher it is going to take a long time. But essentially without revealing so that each hop of the payment has a different hash so you don't really know even if you look at each other's things it's not obvious that this hash is actually a derivative of the same one. That finally went to Starbucks. Everybody can still unlock it by simply subtract subtracting. They're the one piece of the puzzle that they got next in line from the one that they have until it does the exact same thing and flows back to me. But the cool thing about this is that it implements are excuse me and implements. It makes possible something called stuck lease payments because it introduces one new step in the whole process of making a payment on Lightning not one that they these are knows but that the client does which is an acknowledgement where Starbucks confirms that they received the payment and it actually allows you which right now you have to try a path and see if it fails you have to try to lock up money along that path and see if it fails and then if it doesn't you then have to try different path separately and most importantly is that that path can get stuck you can try to in the middle of the setup phase while You're trying to figure out if that route is viable. You can accidentally get stuck in the process and have something get locked for, you know, a couple of minutes or in during the settlement you could have something get lot for the period of the timeline which could be hours or day or something like that. It's obviously not a huge issue but it's a huge issue when it happens, you know, even if it's rare at this a pain in the neck this new trink actually makes it by introducing a you know, quote-unquote proof of payment. That you do with the receiver is actually makes it so that you can try multiple paths at the exact same time in whichever one works just works and all the other ones can just be ignored they can be dropped and in doing so is that rather than having to one by one check pads? You can just check a bunch of paths and whichever one works goes and that's a really fascinating trick that I didn't know and it prevents payments from getting stuck because you have a proof of payment on it. exactly which path it took which and whether or not it got there and you don't have to worry about stuff getting you know stuck in the meantime and have to run out the contract for the payment is a lot to unpack there and I probably went into too much detail, but that's definitely one to go digging into the link is Sheard bits again as you re di bi t s.com and there's a whole series of four part thing on payment points, and this is Really interesting that I had no idea about good Lord. I'm already 30 minutes into this and I haven't gotten a page only there's it's too much here this too much John Newbery. All right. So hey join pay to end point these are and when we do these with the whole splice in splice out Loop and loop out. I'm just going to I'm just going to go over view as to what these types of things are going to enable this. This is simply going to mean that first lightning is going to go dark like me is going to disappear. We're not going to have a clue what the hell's going on with the network. It will simply work and getting information about it will be difficult probably but that's because it's going to be supremely private when we get snore and Taproot. There will be a benefit to Making every multisig every escrow every honestly every payment. I don't see any reason why there's why you wouldn't just do a Tap Root transaction for essentially anything that you want to do on bitcoin particular. If you've got like a swap or something where you're using lightning for your general payments, and then you're trying to fund or create liquidity for your specific lightning wallet whenever something doesn't just work. His planned or when everything is not perfectly lined up in order to do that. All of these tools will a become ubiquitous and work in the background and be they will add privacy at the same time that privacy in the sense that all of these things will look identical a opening of a channel will look identical to a splice in of a channel 2 in a topic Atomic swap into or out of a channel to a page oin to a pay to end point to a normal multisig. As action to a regular transaction, all of these on the Bitcoin blockchain will be indistinguishable. You will have no idea the amount of complexity that went into these transactions and that is a huge deal like with Wasabi. Just got you know, what unquote outed by I mean, it was kind of a rudimentary like quote-unquote analysis. So it's not actually a huge thing that they got caught because they Paying fees to like a static address. So it was like really easy if you sort out there like oh, well, this address is a Wasabi address is like why is this guy paying fees from this wallet? Oh, he's doing Wasabi coins, but it's not like we're not really a huge. I guess you could say vulnerability, but it simplifies privacy. It makes privacy to the default. It makes privacy the most efficient option. It puts economic incentives in line with privacy privacy has always been something that cost more privacy is always been something that is less convenient more expensive and only the tiny subset of people that really cared about it went after it and that's how somehow the mainstream has just equated privacy with what evil crap are you doing or what do you snorting coke or whatever just some idiotic thing is just that like no I just want I just don't want my everything broadcast on the internet. You not care about it, you know, so that's always been a huge problem. Is that your quote-unquote anonymity set is the tiny portion of people who actually give a shit about working hard to really obtain their privacy in the digital age. And this is going to start to flip that on its head where the person who wants to save money and have a more convenient and more efficient transaction is going to be getting privacy because that's the way you do it. And with snore and Taproot when we're talking about coin when we're talking about these simple like just joining transactions together with the person who's receiving the transaction with the business of the service or whatever and there's there was another thing that's not mentioned specifically in this it just talked about and I've forgotten the name of it. Ah, I'm I've got I'm just got Christmas and holiday sugar all running through me. So I'm forgetting everything. I've got sugar brain, right? Now so bear with me but it's it was a means of basically aggregating tons of payments when blocks were these are low so that you can piecemeal start releasing them in the the aggregate transaction that you would have done. But you were basically preparing for one block times. Excuse me one when fees are lower what I say when things are high. Yeah. Yeah aggregating when Caesar hi. Hi and then releasing them as fees are lower when you basically have a completely convenient time to do it as far as efficiency goes Well, when you start having all of these tools to aggregate these things and then you have an infrastructure like the lightning Network you have users with payment channels and services. They can easily aggregator pay five cent fees to put a channel opening or a channel close with that Elder aggregate payment from the service. That's you know, managing liquidity is this doing exchange balancing between bitfenix and you know bit Max whatever the hell it is. Is that you can start sharing all of these efficiencies you coin joined becomes the default Cohen joined becomes the more cost-effective option and with snore and Taproot these things they all of the fact that you're doing. This is hidden From the Block Chain analysis. You just can't tell what's going on on the actual base layer and fungibility is fungibility and privacy has always been a huge pivot like a huge. Um, it's been a factor. It's simple simple case is that Bitcoin cannot be truly censorship resistant. If you you don't have privacy in some degree of privacy and what you're doing with it who you are and the payments they explicitly who you're sending it to and who you're receiving it from if you can have taint on a Bitcoin address if you can say that this Bitcoin was used for drugs and therefore on the market. It's scarier or it Have the same price as Bitcoin that came from a minor or came from a holy government improved institution. Then you don't have fungibility. You don't have a secure sound of money as a key part of having sound secure sustainable money and you don't have that problem with cash, but you have had that problem with Bitcoin and this is one of the most important we've got it. We've got a VIP. I think I think are going to get it either this year or next year and it's going to be a think this is so important and I'm so excited that it's finally coming. I had always worried that privacy was going to be the big issue in Bitcoin and with Wasabi wallet with page on all of the Developers. Are working so hard on these tools and making this reality and I think it's going to happen and that's just crazy exciting that something that was that I almost felt like I might may have had to give up on is more and more possible every single day and I'm only halfway through this thing. I've got we got L2. We got sick cash. No input. I'm just going to have to link two episodes because I've got way I'm already I'm already out of time here. Um, sick cash no input. But we went over the no input class another one that we did with Aaron and beard mm Channel factories. Good Lord. This is just so crazy. This needs a whole nother episode. This needs a whole nother episode many script dude. What a hell what a hell of a year and there's so much coming at the anybody. I'm still blown away, but I guess Any of you just not looking at all. You see is your I don't know. What are you looking at the price of Bitcoin, but when people say Bitcoin is stagnant, I'm just like, where are you? Where have you been? Look at this? Look at this crap. There's so much stuff here. 2020 is just going to be a crazy exciting Year. I hope we get to see the soft fork in the wild and starting to reach the implementation phase where we're talking about. About how to activate it and we're downloading the the schnoor and Taproot client. I think we'll see a official B IP and implementation details on how to implement Implement sick has no input or the was stolen any previous out. I think is the one that seems to be leaning toward right now if I'm not mistaken. But there is so much to come and I think this is going to be the year that lightning really comes into its own all the tools. All the groundwork is being laid. We've built all of the Lego pieces and now I think we're going to start seeing skyscrapers. I think I think all the building blocks are going to slowly be put together into the right software. And all the little kinks are getting worked out at at a pace that to be perfectly honest. He's faster than I thought again. I didn't think we'd have amps this year. I didn't think I did not think we would have Olympus totally came out of nowhere Breeze wallet has been a godsend. I love that while I use it constantly Bitcoin lightning became usable this year. Like I use it as a as an app as a payments out to buy things. And to get gift cards and to do things quickly out in the wild now. I'm getting to see the birth of the internet of money and it's it's crazy times crazy crazy times this we thread is there's a link in every single in every single tweet. I think if I'm not mistaken, so and I actually went through and read all the little bit coin Ops. And you don't know Bitcoin Ops you have got to be following Bitcoin Hobbs. They go through they break all this stuff down. In fact, I haven't read a Bitcoin Ops thing on the show recently which sucks. I really should get back into that. But these guys are a godsend. That is so great to have them breaking down. They've got the definitions and either videos like breaking the all this stuff down or explaining it in a post breaking down every single update that comes through Bitcoin. I like the you know, the most recent updates or revisions the next month the next version of the Bitcoin client, they break down all the improvements everything that changed etcetera Etc. And again shirred bits checking out payment points. This is definitely something going to dig more into and I'll try to come up with a better explanation as to what the hell it is and how it works. Um, and there's just an endless stuff to to be excited about right now. And what a hell a what a what a hell when here 2019 was and 2020 going to be crazy. I got another episode coming up for you guys me and car. And we broke this down with Brady to from the citizen Bitcoin podcast, but car Camp it from the friends against government podcast, which we he's been on the show. We've been in each other shows numerous times love hanging out with that guy and a we go through Bitcoin in 2019 and kind of what the future is going to look like and there's a there's a hell of a road map here that if we get these things Bitcoin is going to be a force to be reckoned. Reckoned with I think it already is it already is even without any of this stuff Bitcoin is a force to be reckoned with but this is just going going going to expand its capabilities and usefulness in so many fascinating ways and more importantly than just building. The specific applications is building an environment that will Foster all of these applications that will handle them that will make them reliable that will make them dependable and secure with hardly any ambiguity with no no weird tricks with with as few if any attack vectors whatsoever and simply put this is going to be the most The most secure and advanced monetary platform that's ever existed. And we're here in 2019. We're year 10 and year 11 going into your no are weirdly 11 and 2019 thousand nine. So yeah, we're closing out year 11 the coins about to turn 11 years old and there's so much there's so much left to do. There's there's so much left to conquer and Bitcoin is just getting started. I think this could not be a better set of evidence that this is beginning. This is not the end. This is not past the bubble. This is this is not missed. The Train the train has the engines have started in the steam is pumping and we are about to get rolling and I could not be more excited for 2020. So I hope you guys join me. I'm going to be here. I'm going to continue to make all of the best in Bitcoin available in audio and break it down and talk about it and share this excitement with you guys. So Thank you so much for listening. Don't forget to check out if you're not following John Newbery then. What are you even doing? I'll it's JF Newberry any WB e Ry that's his Twitter tag. I'll link to it. Also you go check out the show notes or just see this post on Twitter. All of it will be available read the Twitter thread if you want to go back through it again. It's super dense, and I only got halfway through it and actually covering the stuff and there's a links to all of Of it. I I highly encourage you guys to check it out. But until next time don't forget to subscribe to the show. This is the crypto economy. I am guys found the guy who has read more about Bitcoin than anybody else, you know, thank you for listening. I will catch you guys next week with another episode and lots of fun awesome stuff to come and like I said, I got one dropping with a car camp at coming soon. We had a lot of fun. I think you guys are really going to love this one. And don't forget that you can support the show. You can become a patron at patreon.com slash the crypto economy and helped to fund my Endeavor in turning all of the best Bitcoin Works into audio so that you guys can listen to them and hopefully trying to sort of explain a lot of the developments and what they mean and how they work is best as I can understand and forgive me for my lapses there and yeah, yeah, so So thank you. If you are supporting the show, it's yeah, it means so much and it really does go a long way and just shows how much you guys care about this and about Bitcoin and about this future that we're trying to prepare ourselves for and if we're building for and if you can't do that, I know that's a tall order for a lot of people the one thing you can always do is share this out with everybody, you know in the Bitcoin and crypto economy space so they too can get all of the best in Bitcoin in audio Or me and learn about the technological revolution of our time wherever they are and whatever they are doing, whether it be doing the dishes or shopping at the grocery store or whatever. I'm going to try to stay on top of this thing as a lot to cover, but I will be here. I am Guys Falling. Thank you so much for listening and until next time take it easy guys.
Closing out an extraordinary year in 2019 has us looking forward at 2020 & Beyond. What will we bring to Bitcoin, and what could Bitcoin bring to us? Today we read an amazing thread by John Newbery on the exceptional list of tools and technologies making their debut on the Bitcoin and Lightning protocol stack that will change everything about how we interact with and use this incredible technology. So much exciting stuff to go over, don’t miss “A Bitcoin Roadmap” twitter thread by John Newbery. Link to John's thread and thorough list of links included to explore the tons of improvements on the horizon, or already available to be built with. I highly encourage a dive down this rabbit hole! https://www.patreon.com/thecryptoconomy  ---   This episode is sponsored by  · Anchor: The easiest way to make a podcast. 