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Okay, hi everyone. I've been asked to speak about BIP300, which is one of my ideas
for taking Bitcoin to the next level.

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So, it is in one slide. BIP300 proposes these new layer twos that some call
sidechains.

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Sidechains are a response to the threat of altcoins, but they're also a response to
the desire of Bitcoiners for more creativity and innovation.

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You know, the desire to try things without asking for anyone's permission.

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So, the deal is, how can we let everyone try ideas that they like?

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And how do I keep other people's bad ideas away from me?

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So, that's the dilemma. So, here you see we have the world of altcoins on the left,
and then the revenge of BIP300 on the right.

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We've copied Ethereum and Monero into our own projects that respect the 21 million
coin limit of BTC.

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So, there's no inflation.

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So, ideally with BIP300, if some annoying person asks,

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Oh, sure, Bitcoin seems great, but can it do whatever? Smart contracts, DeFi,
ZK-SNARKs, whatever, blah, blah, blah.

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You just say, yes, Bitcoin can do that. See BIP300. That's the idea.

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Similarly, if some innovator dreams up a crazy idea, like, hey, I can improve
Bitcoin.

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It only needs my new idea, which is, you know, the larger block size or KYC miner
coins or whatever.

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Then, similarly, they can now do that without anyone's permission.

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They just don't do it on the Bitcoin base layer. They do it on a BIP300 sidechain.

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So, that is the goal.

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Developers can write any code they want. Users can use the code if they like.

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Everyone gets what they want.

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So, now I'm going to try to explain it with more detail and see if it makes any
sense to anyone.

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So, I'm going to go through three aspects of the idea.

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Their full autonomy, protect the base layer, and improve mining incentives.

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But before continuing, I did want to mention that this project is not vaporware at
all.

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We've had working code for a while.

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So, the code is open source on GitHub right now.

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And there's downloads with a GUI that regular people can use.

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We even have a Windows version now.

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And finally, there's a YouTube video of me, that's March 1st, using BIP300 on
Testnet to copy the Zcash altcoin.

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So, the software can be downloaded today. It's very usable.

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So, this project is very far along, is what I'm trying to say.

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Okay, now back to these three aspects.

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Aspect number one is this full autonomy.

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So, each BIP300 sidechain has its own app.

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And you can change the sidechain software however you like.

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So, it's just like making a new iPhone app.

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So, this is a metaphor here.

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Each app has its own development team.

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The software they write can have any validation rules or no validation rules.

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You can do whatever you like.

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So, for example, you could add zk-snarks, larger block size, whatever.

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Turing-complete scripts, taproot or SegWit, mimblewimble, monero, ring
signatures.

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You can do whatever you like.

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Any idea, good or bad, can be done and no one can stop the person.

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It's just like releasing a new iPhone app.

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So, that's the idea.

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The only constraint imposed on the BIP300 sidechain is that they respect the 21
million coin limit of BTC.

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So, the project, when you make a new project, it starts with zero coins on it.

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And then the coins, you have to send the coins from layer one to these other
networks.

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So, users have to voluntarily choose to send their BTC over to your software.

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It's kind of like a lightning app.

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So, I have like the lightning apps there and then I have the BIP300 sidechain over
there.

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By comparison, the Zcash altcoins don't move anywhere because that's just an
altcoin.

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There's not a BIP300 or anything.

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This is going to be like a mega abridged for simplicity.

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But the point of these next two slides is to try to show that an evil sidechain
can't cause problems on the base layer,

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which is obviously extremely important.

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So, will it make any sense?

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I don't know, but we're going to give it a try.

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So, there are two blockchains here.

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The squares are block headers and the trailing rectangles are transactions in each
block.

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And time is flowing from left to right.

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And even though there would normally be tens of thousands of blocks in this period
from December to April,

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that wouldn't have fit on the slides.

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Instead, there are only 17 blocks on layer 1 in blue beneath and 17 blocks above on
layer 2 in red.

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And so, now I'm going to add these things in green here,

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which is to represent that three months of sidechain activity are compressed into
this one little 32-byte hash

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and 64-character string here.

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And that string is put into layer 1 transaction.

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The BIP300 operates entirely off of the little string plus a lot of logic.

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So, therefore, the full nodes on layer 1 do not check anything that is happening on
the sidechain.

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So, they can ignore everything that is happening up there, which is the point.

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The sidechain doesn't even need to be a blockchain.

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It doesn't need to be written in C++. It doesn't need to be decentralized.

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It could be anything.

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The Bitcoin full nodes that are below won't have any idea what's going on on layer
2, and they won't care.

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So, the point is that they can't be harmed by layer 2 because they are not looking
at it at all.

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BIP300 just looks at this little hash and does some very simple calculations on it,
like addition and subtraction.

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And that will tell layer 1 who wants their coins back.

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But the hash is inside a layer 1 transaction that your full node is already looking
at anyway.

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So, I realize this is a little dense, but the first two aspects combined make a cool
asymmetry.

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So, this is very important.

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Pay attention to this part if you ignore the rest of this.

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The users can move coins among the networks.

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So, like I was saying before, they can move the coins among the networks immediately
and trustlessly

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using the same HTLCs that are in the Lightning Network, actually, if you wanted to
do that.

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But they wouldn't be as fast, but you could still do that.

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But in order for anything to go wrong, something very difficult has to happen.

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And what needs to happen is a majority hash rate needs to attack the upper network
here

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for at least three consecutive months.

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So, 100% of the blocks misbehaving, or whatever you want to call it,

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for three months consecutively every block, or six months if they do it
half-heartedly.

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So, the point is it's extremely asymmetric.

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It's very easy to use it right, and it's very hard to use it wrong.

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So, that was the difficult part. We're almost through that.

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We'll get better, I think.

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Anyway, the third aspect is that we want to improve mining incentives.

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This is technically BIP301, actually.

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I separated the two BIPs to make them easier to read.

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But I think anyone with a brain who uses BIP300 would use BIP301 also.

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But you don't actually have to.

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Anyway, with Blind Merged Mining BIP301,

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the miners don't need to pay attention to sidechains at all, either.

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So, the users were already not paying attention to any sidechains that they didn't
like.

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But the miners can also ignore sidechains, if they like.

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They still collect all of the transaction fee revenues from the sidechain
transactions,

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even though they're ignoring it.

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And, you know, how does that work?

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Unfortunately, I don't have enough time to explain it.

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But you'll have to take my word for it.

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The design is that if the miners just do what they normally do,

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and include this set of transactions on layer one,

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and pay the highest fees to them,

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which is exactly what they already do today,

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then they'll automatically mine all the sidechain blocks

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and collect the revenue from the transactions.

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So, even if you did this today,

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it would boost the transaction fee revenues to miners by at least 10x.

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And I actually think it could boost fees by 1,000x, or even more.

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But I don't have time to tell you about it.

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I did write an article called Security Budget in the Long Run

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that you can type into Google and find, if you like.

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Security Budget in the Long Run.

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But there's not enough time to explain it out here.

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I will mention one thing, though.

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If miners upgraded to activate BIP300/301,

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that might be the last time they ever need to upgrade their Bitcoin software ever
again.

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Because they would start to automatically take care of the new software put on layer
two.

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So, that's more convenient for them,

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but also more secure, as well, if you're worried about what happens on layer one.

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Okay, so that was a little dry, but now it's better.

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Because that was the idea, and I'm going to get into the examples,

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the concrete use cases.

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So, basically, these are some altcoins I think we should consider ripping off via
BIP300.

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So, obviously I mentioned the Zcash video already,

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but Zcash has these transactions where the sender and the receiver and the amount
are all private.

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So, then we Bitcoiners have to put up with these comparisons like this,

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where someone puts up this thing and says Bitcoin versus Zcash or whatever.

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But if we had BIP300, this infographic wouldn't even make any sense at all,

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because we would have our own bit Zcash that would do exactly the same thing that
Zcash does.

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Similarly, apparently there's this darknet market.

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I don't actually know if this is true, but it seemed true enough to me, and I tried
to figure it out.

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Apparently there was this darknet market that decided to only accept Monero,

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so they dropped support for BTC, which is kind of a slap to the face.

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I mean, if we had BIP300, then there would be no reason for them to accept Monero
at all,

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let alone exclusively.

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So, that's the idea behind that.

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This is something that's really interesting, I actually think.

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BitDNS was this idea that was proposed on Bitcoin Talk in 2010,

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and it later became the altcoin Namecoin that many people have not heard of anymore.

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This thread where it's proposed is something that really everyone should look up and
read if they can.

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It doesn't take that long, and it's very interesting.

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So, in the thread, Satoshi just invents single-handedly what is now known as regular
merge mining,

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not the Blind Merged Mining I said before, but Satoshi just invents that in a post.

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And then he casually assumes that there will be many different blockchains that pay
different fees.

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As if this were non-controversial.

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This was 11 years ago, but now it's considered a very bizarre thing to say.

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So, Satoshi just kind of makes some offhand remark that says something like,

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people probably won't want to pay the high, expensive Bitcoin fees.

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They will want to use a blockchain with cheaper fees.

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And Satoshi just says that in 2010 or something, which I think is really amazing.

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It's very different than what you would expect in 2021 today.

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And also, people may use the CERN sidechain numerous times.

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Back in 2010 with the space, which I found to be interesting, and someone was
interested in that.

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Before I had thought it, it had really started in like 2014, 2015.

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Anyway, that's enough about that.

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So, the concept of BitDNS is a weird idea, but I think it has tremendous potential.

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So, I don't have enough time to talk about it, because I'm watching that time very
carefully.

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But, I did write an article about it a few months ago.

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And this is the URL, Truthcoin.info.blog.bidnames, and you can find it.

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And I'm going to try to give you a few images from the article,

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and maybe you can then read more about it if you're interested.

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So, this is a guy pretending to be Elon Musk on Twitter.

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Are you all familiar with this?

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Probably, it's not really Elon Musk, it's E-L-I-O-N-esque Musk-esque.

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So, that's a problem that I think we can solve.

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This is the Liberty Reserve website domain name

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being seized by the United States Global Illicit Financial Team.

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And this is a guy who does a YouTube video about chess.

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He has a YouTube channel.

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But, you can see in the bottom corner, he has to put all of his names,

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and all of his names are like Facebook, Instagram, whatever.

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And to add insult to injury, his Facebook name,

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he couldn't quite get the exact same name as he had for the other things.

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With BidDNS, or with BidNames, whatever you want to call it,

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he wouldn't have to do this at all,

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and everyone would just know that he has just the one name.

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He would just have the one name everywhere, which is pretty cool.

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And then we have our digital assets.

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People like to collect things. They like tokens.

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Even just for fun, it's fun to collect things.

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But we have this problem that most of the NFTs are on Ethereum,

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which is embarrassing, and it's terrible.

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So if we had BIP300, we could just have a whole ERC-20 chain

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that just specialized in that.

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This is David Vork's project. I saw him earlier today, maybe in the room.

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We're ripping off his project now.

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But his project is very impressive. I like this project.

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A lot of people know about it.

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It's decentralized P2P cloud storage managed and enforced by the blockchain.

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So it's been running for five years.

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It would keep running if everyone there quit.

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The storage cost is one-tenth of what it is on Amazon.

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You can just sit at a blank computer, type in your seed phrase,

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and automatically regenerate all your files on the computer.

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It's very neat.

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People never hear about this because 99% of projects,

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the altcoin projects, are scams.

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And so it drowns out all the useful projects, which is too bad.

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But that is another thing that would be solved by BIP300

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because no scammer would make a BIP300 sidechain

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because you can't use it to extract money from people.

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So I'm getting near the end.

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This is the last example.

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This is my own project, my other project.

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I designed it to be a Bitcoin sidechain from the very beginning.

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But if BIP300 never activates or something else like it doesn't activate,

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then it will have to be an altcoin, which is horrible.

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But please check out my cool project, bitcoinhivemind.com.

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And I'm very passionate about it.

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I gave some screenshots.

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It's a cool website with a lot of information.

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The software can do a lot of things, but a crowd favorite is Futarky,

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which are futures markets for how well certain leaders would perform

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if they were in charge.

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And this idea is very distressing to bad leaders

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because we can learn about exactly how bad they are going to be

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before we vote for them.

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So that's obviously very distressing.

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On top of that, finally, though,

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there's a lot of different things we could rip off.

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BIP300 might improve Layer 1 because we might choose

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to intentionally never change Layer 1 again.

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Matt Corral was talking about this earlier.

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This would have some serious benefits.

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The big one is no drama

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because right now there are people whose job it is to decide

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which software changes make it into Bitcoin and which don't,

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which is a horrible mess.

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And people have very strong feelings about that kind of thing,

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and they have to all agree, so the process is very dramatic.

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But with BIP300, anyone can make their own Layer 2 blockchain,

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and people can just go back to working on the ideas that they like.

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I'm just going to skip the last slide because I have 10 seconds.

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Final thought.

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If you want to get BIP300 faster, the best thing is to learn,

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and the best way to learn is to actually download the software and use it,

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and then talk to other people about your experience.

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So the software has a GUI.

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We even have Windows executable, so that's the best thing.

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Don't ask someone else.

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Just download it for yourself and give it a try, and then talk about it.

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And then also, final thought.

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You might want to change the way you view altcoins.

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They're not like weird rivals that are inherently evil.

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Instead, they're just like this place where the technology is previewed

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and tested out before we copy it into BTC.

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So there we go. So that's the talk.

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Okay, thanks very much.

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Thank you.

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♪♪♪