LBTC 2.0 Roadmap
LBTC profile
LBTC is a peer-to-peer electronic cash system, an innovative experiment based on Bitcoin. At present, LBTC uses UTXO-based DPOS consensus mechanism, featuring fast transaction, low handling fee and high functional expansibility. Any user can use LBTC almost free of charge to obtain a safe and smooth payment experience.
After the discussion of the core development group, LBTC officially started the construction of LBTC2.0. In LBTC2.0, many new technological advances will be implemented, which will be detailed in the following LBTC2021 roadmap.
LBTC 2.0 is an upgrade to LBTC 1.0. In the next 3 years, LBTC developers plan to overhaul the LBTC system and introduce a new network status for LBTC. The research of LBTC 2.0 has achieved certain results and scale. At present, the temporary work of LBTC 2.0 includes cross-chain intelligent gateway, smart contract of token issuance, selecting ZK-rollup as the Layer2 expansion scheme, and compatible with IPFS and Graph protocols.
The development of LBTC2.0 is carried out in four phases:
(1) Funan LBTC 2.0 Phase I
Funan is the first phase of LBTC 2.0 development, which the team plans to span 3–5 months. The first phase of LBTC 2.0 will focus on cross-chain and smart gateway protocol development. The development team has been working on this for a long time.
In the cross-chain system, the cross-chain gateway is an important part of docking specific types of blockchain and forwarding cross-chain messages. It mainly provides core functions such as application-chain adaptation, cross-chain transaction monitoring, cross-chain transaction execution and cross-chain transaction routing. Considering the realistic demand of LBTC 2.0 network, LBTC 2.0 carries out cross-chain operation through relay-chain mode, cross-chain transaction participates in consensus making, and is packaged into block.
LBTC’s cross-chain Smart Gateway client beta-network is currently under development and is expected to go live within three months (Q1 2021). At the same time, the LBTC 2.0 network will temporarily issue a new token eLBTC on the ETH blockchain, connecting the LBTC and Ethereum worlds. eLBTC also represents the rights and interests of the participants in the LBTC 2.0 community, and LBTC users can take this opportunity to link to the DEFI world.
eLBTC is the passport to LBTC 2.0. In the team’s plan, users can pledge LBTC tokens 1:1 to generate eLBTC. Any user with eLBTC can participate in the governance and development of the LBTC 2.0 protocol. LBTC London’s DEFI laboratory will also join the LBTC 2.0 ecosystem. The team plans that in the next 3 months, eLBTC will carry out liquidity mining on Uniswap, Sushiswap and other platforms, so as to provide eLBTC users with on-chain mobility and receive liquidity incentives from LBTC Foundation.
In addition to eLBTC, LBTC 2.0 blockchain will allow multiple blockchain networks such as BTC, LTC, XLM to enter the ETH world. LBTC 2.0 network will bridge the BTC and ETH world.
(2) Sri Vijaya LBTC 2.0 Phase 2
After the completion of the first phase of development, LBTC 2.0 will focus on developing smart contracts to transform the network from a UTXO model to an account model, which will enable LBTC community developers and users to develop various DEFI products and dApps based on LBTC.
The LBTC smart contract uses a hub and spoke model. Each user can find a trading center to connect to the network. Users pay their eLBTC through the lightning node to a specific address and send it to where they need to go. Or you can get a profit by staking. Code related to LBTC 2.0 smart contracts will also be publicly audited by third parties.
(3) Ayutthaya LBTC 2.0 Stage 3
The third phase of LBTC 2.0 focuses on the development of the Layer2 protocol, which aims to improve the use experience of the LBTC blockchain. The developer will choose ZK-Rollup as the Layer2 support solution, and reconcile with the Uniswap, Sushiswap and other protocols.
LBTC 2.0 state settlement with Layer2 introduces Bellman-Ford algorithm, which will enable users to enjoy lower transfer fees and higher throughput, and provide real-time out-of-chain data input for multiple mainstream blockchains, as well as a decentralized two-layer network that can verify out-of-chain computing power. It connects on-chain smart contract with off-chain data source and computing power, enabling smart contract to be applied in more scenarios.
Lower transfer fees are a huge benefit to users and can make the system more efficient. The higher network throughput will allow LBTC 2.0 to handle more program state, LBTC 2.0 will also improve links with ChainLink, Band Protocol, extract data from advanced data aggregators, ensure a high degree of tamper-proof and reliability, reduce latency for the predictor, and allow users to leverage through Dex.
(4) Raffles LBTC2.0 Phase 4
The fourth phase of LBTC2.0 focuses on the upgrading of governance, maintenance and development of the LBTC ecology. LBTC will be based on Aragon V2 and Snapshot to attract more users to participate. Building on the existing on-chain governance in LBTC, LBTC 2.0 incorporates DAO governance and adds governance voting tools.
The governance of the LBTC Blockchain Version 1.0 network is mainly “on-chain governance”, where any users can initiate a proposal on the blockchain and it will be voted on by the governance committee. These proposals generally relate to the inflation rate of the network, token distribution, etc. Looking into the future, on-chain governance combined with off-chain governance will be a more perfect path. LBTC2.0 blockchain establishes DAO on Aragon, uses third-party authentication platform (GitHub, etc.) and digital signature to map LBTC 2.0 address to digital identity, and assigns corresponding authority to main nodes and participants, which is estimated to push LBTC towards the future of distributed finance.
