⚡ Ark Challenges Lightning , 🇭🇰 Hong Kong Allows BTC Trading, 🇦🇪 Dubai to Build ₿itcoin Tower

Sunday Update: 28 May 2023

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Ark

is a new L2 protocol for Bitcoin, designed to facilitate affordable, anonymous, off-chain transactions. Created by Burak, a Bitcoin developer and critic of Lightning, Ark addresses some of Lightning's limitations including the need for inbound liquidity, asynchrony in receiving payments, and on-chain footprints. Ark promises to be a greater scaling solution for Bitcoin than Lightning, yet provides interoperability with the Lightning Network, opening up new possibilities for conducting transactions on the Bitcoin network. See Burak’s presentation on Ark at #Bitcoin2023

here

. Ark looks very interesting, although it requires soft forks like CheckTemplateVerify or Anyprevout.

Hong Kong's

Securities and Futures Commission announced new rules allowing retail investors to trade Bitcoin starting June 1. In a rare move, a

segment

on the development was aired on China Central Television which is a mainland Chinese state broadcaster that would normally not air any Bitcoin-related developments. Hong Kong might be a testing ground to see if it can be done safely. It is however unlikely that China will ever allow their national currency to be threatened or people’s wealth to be converted to a decentralized currency. They more likely want foreign reserves and is thus opening Hong Kong.

Italian entrepreneur Salvatore Leggiero

officially unveiled the design of the world's first Bitcoin Tower – a 40-story architectural marvel in the shape of the Bitcoin symbol. The project aims to showcase the importance of Bitcoin and will be unveiled at the upcoming COP28 gathering. Dubai hopes this venture will establish itself as a global center for Bitcoin innovation, pushing the boundaries of traditional real estate. Leggiero unfortunately conflates Bitcoin and the wider crypto industry, proposing the creation of a DAO, a virtual version of the tower in the metaverse, staking, etc.

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Top Stories

Lopp on Lowery's Softwar Thesis: A Flawed Narrative or Devil in the Details?

(15 min read)

After making a fuss rationalising not buying and reading the actual book, CASA CTO, Jameson Lopp, critiques Major Jason Lowery's new book,

Softwar

. Lopp appreciates the historical context Lowery lays down, but points out that he fails to address certain aspects, such as the fact that no one can force others into consensus in Bitcoin's system. Lopp further critiques Lowery's simplification of cybersecurity and disagrees with Lowery's assertion that Bitcoin can be defended under the Second Amendment, arguing that First Amendment claims are far more powerful. Lopp further criticizes Lowery's concept of "Bitpower", stating that it is merely a rebranding of the well-understood "hash power" concept in Bitcoin. He also criticizes Lowery for failing to discuss the concept of "Softwar" in depth, pointing out that Lowery's main argument seems to be that Bitcoin is software that allows you to wage war without violence. All-in-all, Lopp argues that Lowery's concepts are largely based on a redefinition of existing ideas and are filled with logical gaps and unanswered questions. It remains to be seen if Lopp will actually read the book.