Hi, although Silk pay is a postponed project I would like to start its long term reasearch here
Any ideas can be discussed 
Rules for marking SILK pay ideas:
Always use the following number
Marking: SPII-1 ( Silk Pay Improvement Idea )
SPII-1 - semi-custodial Lightning Network interopability
Hi, I think this might be one solution to that:
- Multiply the usability of SILK
- Allow Bitcoiners to use LN as much as possible self-custodial even at high fees without opening their own channels
- The interopability problem
Currently one of the biggest obstacles to using SILK as a medium of exchange is its low adoption, it seems unrealistic at the moment to ensure high adoption of SILK within payments.
This problem is partly solved by Fina x Silk, the problem with this solution is the non-nativeness of these payments, we use the traditional financial system to pay instead of using the crypto one, another problem could be the loss of privacy that occurs with the KYC process of crypto cards.
Therefore, I propose to create a semi-custodial interopability solution with the most adopted and very potentially cheap/fast payment solution - Lightning Network
- Lightning Network problems
LN faces several problems, besides the difficulty of achieving privacy ( compared to Monero or Secret ) it is also opening channels, in periods of high fees it seems unrealistic for LN users to open their own channel, because of this they remain reliant on fully custodial wallets.
The solution may be to temporarily deposit funds on the Secret Network, then sign TX to Secret and send the funds to Relay who will mediate the payment to LN
This will multiply the privacy and custody is only the payment, not the actual holding, the fact that Relay can only use one LN channel will also make this solution very cheap
Solution:
Building one/set of Relays that will receive the SILK together with the LN invoice from the sender, after receiving the SILK they will pay the LN invoice instead of the sender.
Then Relay can either swap SILK to nBTC and bridgout back to BTC L1 + open/enlarge LN channel or keep SILK.
This will give SILK users access to a range of payments across the crypto world ( LN is the most widely used crypto payment system today, for example in Prague which is in the centre of Europe there are over 100 places where you can pay using LN, one of them is Parallel Polis for example)
It is also important to mention 2 things:
-
This solution is not limited to SILK, if Relay would allow it one could also pay with sSCRT, sATOM, sETH.axl and also with nBTC
-
The solution can also work the other way around, i.e. Relay can generate an LN invoice and then send SILK to the recipient ( Faster than Nomic bridge )
2 Likes
SPII-2 - Dark box ( community reasearch )
One of the biggest obstacles to Silk Pay is the limitations of SNIP-20/25 tokens
For this reason, I propose a Silk Pay box ( or also a Dark Box )
A smart contract based transaction system completely running under the Secret Network that will eliminate the shortcomings of SNIP tokens in payments and allow for wider integration without having to change SNIP tokens
Objectives:
- Eliminate doxing of addresses ( recipient x sender ) to the counterparty
- Adds efficient integration of Silent Addresses
- Adds a simple LN interopability solution
- Adds a solution for private gas
1 Like