BitVM Creator Releases “Bitstream” White Paper
Robin Linus, the creator of BitVM, a computing construct built on the Bitcoin blockchain, recently published a new white paper titled “Bitstream.” This document presents a new system aimed at transforming the economic structure of file storage, proposing a usage-based model that rewards server contributions with bitcoin payments.
The Bitstream White Paper
The white paper authored by Robin Linus introduces a method where servers receive direct payments in bitcoin (BTC) for each file download they facilitate. This approach aims to address the imbalance in current hosting economics, aligning server profits with content demand.
According to the paper, servers are compensated for providing a service to the network, specifically the distribution of files. The system creates a directory of accountable servers from which clients can choose.
Utilizing Bitcoin’s Payment Channels
The Bitstream system leverages Bitcoin’s payment channels and technologies such as the Lightning Network, Liquid, Chaumian ecash, Fedimint, or Cashu to enable swift microtransactions for file access.
Data Security and Verification
The white paper explains that the system uses a Merkle tree for file verification to promote both the uniqueness and security of hosted data. Additionally, it adopts a straightforward encryption method using the one-time pad cipher for uncompromising security guaranteed by bitwise XOR operations.
Reactions to Bitstream
After publishing the white paper, Robin Linus received mixed reactions. While some individuals were enthusiastic about the proposal, others expressed skepticism about its practical application.
Development of BitVM
In addition to the Bitstream white paper, Linus has been working on the BitVM concept and recently announced the first mainnet transaction implementing a Blake3 hash lock in Bitcoin Script.
A New Approach to Data Hosting
The Bitstream framework offers an alternative to conventional data hosting methods. However, its practical application and effectiveness remain to be seen. The proposal aims to create an incentive system for decentralized file hosting without relying on trust or heavy-weight cryptography.
Hot Take: Innovative Proposal or Unnecessary Complexity?
The release of Robin Linus’s “Bitstream” white paper has sparked both enthusiasm and skepticism within the crypto community. While some see it as an innovative approach to reforming data hosting economics, others question its practicality and necessity in an already competitive market. As developments in blockchain technology continue to unfold, only time will tell whether Bitstream’s proposed system gains traction in decentralized file storage.
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