Blockstream Monthly is a newsletter helping you stay up-to-date on the most cutting-edge Bitcoin development and announcements from Blockstream. In this issue, we cover the following:
- The BMN provides qualified investors access to Bitcoin hashrate at Blockstream’s enterprise-grade mining facilities. At the time of publication, one BMN1 token has earned ~5.37 BTC nearly halfway into a three-year term. More analysis below.
- Blockstream collaborates with other Bitcoin leaders to launch Build On L2, a new initiative to connect developers, entrepreneurs, and others from around the world to build on Core Lightning and the Liquid Network.
- Blockstream Research analyzes the language structure of Miniscript and Simplicity and how they could bring covenants, delegation, zero-knowledge proofs, and more to Bitcoin in a secure and well-behaved way.
- A development update on LiquidDEX, a working protocol that performs 2-step atomic swaps, which can be implemented to build more complex financial markets anchored to Bitcoin.
- Core Lightning v22.11 brings big changes, including new plugins, performance improvements, and some deprecations to the community Lightning implementation.
- Blockstream has collaborated with renowned Bitcoin artists NoGood and Proof of Paint to create a series of unique artworks that are now available on the Blockstream Store.
The Blockstream Mining Note (BMN) provides qualified non-US investors access to Bitcoin hashrate at Blockstream’s enterprise-grade mining facilities. At the time of publication, one BMN1 token has earned ~5.37 BTC nearly halfway into a three-year term. To trade the BMN, review a complete list of exchanges on our Help Center, with full terms and conditions at STOKR.
"Since our last update, I've lowered the Bitcoin hashrate in my model from 40% to 30% annually for a more accurate forecast. First, due to an expected drop in network difficulty, estimated to fall between 7% to 8%, and second, market news of more miner capitulation in the near term, which should further depress the hashrate.
Currently, the number of bitcoin generated has already surpassed the cost of tranches one (the cheapest one), four, five, and six, with tranche seven, according to this updated model, becoming profitable around February 2023. And at this rate, the bitcoin earned per BMN1 will exceed the selling price of the most expensive tranche (tranche eight) in the late first quarter of 2024, at around 9 BTC.
The current listing price on SideSwap (7.3 BTC per BMN) would return close to 9 BTC in the remaining 19 months, an 11% yearly average in BTC terms."
BMN Help Center
Build On L2: The Community for Bitcoin Builders
Build On L2 (BOL2) is a community initiative that connects developers, entrepreneurs, and Bitcoiners from around the world to build on layer-2 solutions Core Lightning and the Liquid Network. Each protocol's community platform is free and will host activities, including virtual networking events, education programs, mentorship, and much more.
From Miniscript to Simplicity
Miniscript, currently used in Liquid (also available in Rust), is a subset of the Bitcoin Script language. It imposes a tree structure on scripts, which identifies what each part of the script does. Next-gen smart contracting language, Simplicity, follows in these footsteps and enables arbitrary computation using a tree. It is much more powerful than Miniscript but still well-behaved, thanks to its structure. What is excellent about Miniscript carries over to Simplicity, resulting in a language that enjoys the benefits of a tree while still enabling arbitrary computation.
LiquiDEX v1: Solving the Range Proof Issue
Leonardo Comandini gives a development update on LiquidDEX, a working protocol that performs 2-step atomic swaps on Liquid. LiquidDEX is currently implemented in SideSwap's non-custodial limit orders and can be used to build more complex financial markets such as automated OTC desks, auctions, and DEXs.
Working BEWallet Protocol
Liquid Developer Telegram
Core Lightning v22.11
The latest Core Lightning release, codenamed "Alameda Yield Generator," brings significant changes to the protocol, including:
reckless, a new plugin manager that installs and uninstalls plugins with a single command, an update to the
autoclean plugin, which further optimizes node performance and speed, and A new
filter API used to extract only fields you are interested in from most JSON-RPC commands.
Set your calendars and join our Twitter Spaces today with Rusty Russell, Alex Myers, and others to discuss the new release.
Artist Collaborations on the Blockstream Store
Blockstream has partnered with renowned Bitcoin artists NoGood and Proof of Paint to create a series of unique artworks available as high-quality giclée prints, stickers, and t-shirts. Receive an additional 15% off using a voucher token (NoGood art only) available on the SideSwap market.
Subscribe to have the latest announcements and most bleeding-edge research from Blockstream delivered to your inbox. For further updates, follow us @Blockstream and join the conversation in our Finance, Green, Jade, Lightning, Liquid, and Satellite community Telegram channels.