On November 1, 2008, Satoshi Nakamoto released the Bitcoin whitepaper, giving rise to the world's first and greatest crypto-currency. With the activation of Segwit and Taproot, the community of Bitcoin allowed the TPS of the network to be scaled upward, thus allowing Bitcoin to serve as a solid payment-tool and store of value. Now, the Skaling project seeks to scale the functionality of Bitcoin through the introduction of Turing-complete smart contracts, which will lead to a series of new innovations within the ecosystem.
Skaling is based on a module-system broadly compatible with Ada frame-technology and ML-style first-order polymorphism which can generate
parsing kernels for arbitrary variants of both wire-protocols and RPC protocols. That is to say, we believe that technological progress in the second-layer era of
blockchain-history will require the promulgation of "meta full nodes" which can be transformed through preprocessing into functional second- and third-layer
P2P-enabled "nodes." The Bitcoin scaling protocol subsystem and the broader constellation of BSPs will not only harmonize the presently incipient marriage of Bitcoin
to NFT technology, but also provide a platform for continual extension and participation among third-party programmers. For example, the pioneering of NFT-bound
fungible minting can clear the way for future experiments in "capstone computation" (that is, secure computation based on capability-tokens rather than
access-lists). The separation of the "gas" which powers smart contracts into a first-class currency can lead to the management of computational externalities and the
establishment of digital storefronts where the cost of invocations are not obligationally borne by the customer.
Rapid P2P Payment Channels
It is easy to create new P2P payment-channels for the rapid execution of micro-payments with unbounded TPS.
Full Potential of Taproot
The system integrates the best practices from Taproot-related systems and leverages the full instruction-set of Tapscripts.
Open Specification
The specification of the formats and wire-protocol of this system are given in the form of RFC documents in order to ensure maximal interoperability.
Compatible with EVM
Compatibility with existing EVM bytecode allows the cost of transitioning to the new system to be vastly lowered.
Compact Encoding for Tokens
By eschewing JSON in favor of byte-oriented encoding methods, the amount of space which is required to represent transactions is reduced.
Single-Use UTXO Seals
The UTXOs which exist within the BTC ledger may be used as single-use seals in order to represent state-transitions within smart contracts.