LBTC 2.0 roadmap

Introduction to LBTC

LBTC is a peer-to-peer electronic money system, an innovative experiment based on Bitcoin. LBTC currently uses a UTXO-based DPOS consensus mechanism, which has the characteristics of fast transactions, low handling fees, and high functional scalability. Every user can use LBTC almost for free to get a safe and smooth payment experience.

LBTC 2.0 protocol

LBTC2.0 is an upgrade plan from LBTC1.0. In the next three years, LBTC developers plan to renovate the LBTC system in a comprehensive manner and introduce a new network status LBTC. The research on LBTC 2.0 has reached certain results and scales. Currently, the interim planned work for LBTC2.0 includes cross-chain smart gateways, smart contracts for token issuance, selection of zk-rollup as a Layer 2 expansion solution, compatibility with IPFS and Graphics Protocols, etc.

(1) Funan Funan LBTC2.0 Phase I

Funan is the first stage of LBTC2.0 development. It is planned that the team will last 3-5 months for this stage. The first phase of LBTC2.0 will focus on developing cross-chain protocols and smart gateways. The development team has conducted long-term preliminary research for this.

Currently, the LBTC cross-chain smart gateway client beta network is being developed and is expected to be officially launched within three months (first quarter of 2021). At the same time, the LBTC2.0 network will temporarily map the new eLBTC token on the ETH blockchain to connect LBTC and the Ethereum world. ELBTC also represents the rights and interests of participants in the LBTC2.0 community. LBTC users can use this as an opportunity to connect to the DeFi world.

eLBTC is a pass from LBTC2.0. Under the team plan, users can mortgage 1: 1 LBTC tokens to generate eLBTC. Any user holding eLBTC can participate in the governance and development of the LBTC2.0 protocol. LBTC London DeFi Lab will also join the LBTC2.0 ecosystem. The team plans that in the next three months, eLBTC will start liquidity mining on platforms such as Uniswap and Sushiswap, and users who provide eLBTC with on-chain liquidity can get liquidity incentives issued by the LBTC Foundation.

Apart from eLBTC, the LBTC2.0 blockchain will allow multiple blockchain networks such as BTC, LTC, XLM, etc. To enter the world of ETH, and the LBTC2.0 network will bridge the world of BTC and ETH.

(2) Second stage Sri Vijaya LBTC2.0

After completing the first phase of the development plan, LBTC2.0 will commit to launching a smart contract, transforming the network from a UTXO model to an account model, allowing developers and users of the LBTC community to develop various DeFi products and dApps based on LBTC.

LBTC smart contracts use a hub and spoke model. Each user can find a trading center to connect to the network. The user pays their eLBTC to a specific address via a lightning node and sends it to the destination. Or earn through pledges. The relevant code of the LBTC2.0 smart contract will also be submitted to a third party for public audit.

(3) Third stage Ayutthaya LBTC2.0

The third phase of LBTC2.0 focuses on developing the Layer 2 protocol and is committed to improving the experience of using the LBTC blockchain. Developers will choose zk-rollup as a solution for Layer 2 support and complete compatibility with Uniswap, Sushiswap, Balancer and other protocols.

Under the influence of Layer2, the LBTC2.0 blockchain will allow users to enjoy lower transfer costs and higher throughput, and provide verifiable real-time and off-chain data input for multiple mainstream blockchains Power network Decentralized Layer 2 computing. It connects on-chain smart contracts with off-chain data sources and compute power, enabling more smart contract application scenarios.

Lower transfer fees are of great benefit to users and can also make the whole system more efficient. Higher network throughput will allow LBTC2.0 to handle more program states. LBTC2.0 will also enhance linkages with Chainlink and Band Protocols, extract data from advanced data aggregators, ensure high levels of robustness and reliability, and reduce oracle delays enabling users to take advantage of DEX.

(4) Raffles Raffles LBTC2.0 Stage IV

The fourth phase of LBTC2.0 focuses on improving the governance, maintenance and development of the LBTC ecosystem. LBTC will be based on Aragon v2 and Snapshot to attract more users to participate. On the basis of the existing LBTC on-chain governance, LBTC2.0 integrates DAO governance and adds a governance voting tool.

LBTC blockchain version 1.0's network governance is basically "on-chain governance". Each user can initiate a proposal on the blockchain, and the governance committee will vote. These proposals generally involve a network inflation rate and a token distribution. Looking to the future, on-chain governance combined with off-chain governance will be a more complete path. The LBTC2.0 blockchain builds DAO in Aragon, using third-party authentication platforms (Github, etc.) and digital signatures to map LBTC2.0 addresses to digital identities, and grant appropriate permissions to key nodes and participants, which actually promote distribution of LBTC The future of modern finance.