Bitcoin as an Interplanetary Monetary Standard with Proof-of-Transit Timestamping
Overview
Paper Summary
This paper proposes a way to use Bitcoin for payments between Earth and Mars, taking into account the long communication delays. It introduces "Proof-of-Transit Timestamping" (PoTT) to track Bitcoin transactions between planets and suggests using existing technologies like the Lightning Network and sidechains to make payments faster and more efficient.
Explain Like I'm Five
Imagine sending a Bitcoin payment to someone on Mars. This paper proposes a way to make sure that payment arrives safely and on time, even with the long communication delays.
Possible Conflicts of Interest
None identified
Identified Limitations
Rating Explanation
This paper presents a novel and well-thought-out approach to address a challenging problem. While it remains theoretical, it provides a valuable framework for future development in interplanetary finance. The rating is slightly lowered due to the lack of real-world testing and the reliance on certain security assumptions.
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