Welcome to the Elastos Blog
Read it here first
BTC L2: Unifying timestamps and smart contracts for public blockchain interoperability
The revolution of unifying intelligent algorithms like ChatGPT will occur in the blockchain field
Token2049 Singapore was a wonderful opportunity for members of Elastos leadership, the Growth Team and some Ecosystem partners to explore the future of blockchain and Web3 in person. This article is the first of a series of features where our team share their revelations from the conference, consider technological advancements and discuss much-needed future developments for Web3’s continued expansion.
We start with Sunny Feng Han, Elastos’ co-founder and international academic, as he explores how Bitcoin and smart contract computation on public blockchains can coalesce to bring BTC to DeFi in a way that has hitherto never been possible.
The true meaning of blockchain is that it provides humanity with a unified “truth” algorithm for the first time.
We learned the above on September 12th, 2023, during TOKEN2049 in Singapore, at the “Web3 Asian Power” summit co-hosted by 1783DAO and BoLianCaiJing. Sunny Feng Han, a Columbia University exchange PhD student and visiting scholar, former blockchain consultant for Huawei’s Central Research Institute, and co-founder of Elastos, shared his vision for the blockchain industry – emphasizing the importance of a unified cognitive system and intelligent algorithms, and the key role of BTC blockchain in making this vision a reality.
Sunny Feng Han first highlighted the tremendous potential of blockchain technology in creating a unified cognitive system and intelligent algorithm. The immense success of ChatGPT in the AI field indicates that the unification of intelligent algorithms across disciplines is entirely achievable. Professor Ben Koo and Sunny Feng Han began offering a course titled: “Beyond the discipline’s Foundations of Cognition”, at Tsinghua University as early as 2015.
He believes that by leveraging the development of BTC Layer 2, and basing it on BTC timestamps, it is possible to connect the algorithmic consensus and cognitive rules of smart contracts across various public chains, breaking the barriers of asset and transaction rights/recognitions between different public chains. This innovation in unifying the digital asset and transaction rights/recognition system will not only be a technical advancement, but will also bring revolutionary changes to the entire human economic and social system.
Sunny Feng Han pointed out that a key characteristic of the blockchain revolution is its ability to provide a “timestamp” for digital asset transactions. The Bitcoin network has ensured that no counterfeit coins have ever been produced over the past decade thanks to this robust mechanism, an achievement no other currency system in human history has accomplished. This is also the foundational assurance that Bitcoin can surpass the volume of gold by 2025 because it guarantees the absolute correctness of the causal order of asset transactions.
Along with this technical innovation, Bitcoin’s PoW mechanism will play a pivotal role in realizing a unified public chain rights recognition system in the future. Elastos, whose consensus design instigated by Jihan Wu (cofounder of BitMain) incorporates merge-mining with Bitcoin, currently ranks second in terms of hash power in the PoW system. Elastos is thereby naturally a strong supporter of the BeLayer2 (BeL2) test network being researched and developed at the moment.
The technical stack that the BeL2 team is working on is based on the results from the MIT Digital Currency Initiative. This technology uses zero-knowledge proofs to unite the “timestamps” of different public chains and smart contracts, potentially enabling seamless connections between the Bitcoin public chain and smart contract blockchains. Therefore, different blockchains can share a unified “timestamp” from the Bitcoin network, so a combined asset rights and transaction system spanning Bitcoin and Ethereum public chains could potentially be established.
Sunny Feng Han believes that the true significance of blockchain is that it offers humanity a panoptic “truth” algorithm for the first time. In the past, people had to rely on various authorities to determine what is true and correct, but blockchain, through its distributed computing, timestamps, and consensus mechanisms, has established the authenticity and accuracy of transactions and assets as an indisputable computational standard.
This has profound implications for eliminating false narratives and deception like in the story, “Point at a Deer, Call it a Horse”. Blockchain renders subterfuge and obfuscation by nefarious actors utterly moot as the timestamps are transparently available on the BTC ledger – proof is truth.
Learn how Elastos is uniquely placed to lead the charge with BeL2, given our long history of AuxPoW, which enables merged mining with Bitcoin, allowing the network to benefit from the security and mining power of Bitcoin while retaining its own integrity. As a result, miners can receive rewards in both ELA and the merged coin simultaneously.
Point at a Deer Call it a Horse: Unreal Socialism in Chinese Performance & Video Art.“
Cul De Sac Gallery (65 — 69 County Street, London, SE1 4AD) March 2 — April 21, 2013
“Point at a Deer Call it a Horse” is based on the Chinese idiom “Zhi Lu Wei Ma 指鹿为马” – to confuse right and wrong, to distort reality through misrepresentation, to deceive.
Historically, it dates back to Zhao Gao, a prime minister of the Qin Dynasty who, in 207 BCE, used dissent to test the court, gauging their loyalty by presenting the emperor with a deer and saying, “This is a horse.” This metaphor for the curatorial rationale has a clear presence in all of the works on display, further reinforcing the show’s notion of “unreal socialism”.
The article and graphics were created by the Elavation Team