A new blog - lorenzonical.net

For a while, I have wanted to adjust my work schedule to dedicate more time to specific research and communication. Now, having this new blog, where I can document and summarize my work-related thoughts and progress, and share more ideas through writing.

In this blog, I will first share updates on the upcoming PizzaSwap: LPfest and Goodwill Credit, then discuss our improvements to the UniSat Wallet security model and the delivery of an OP_CAT based voting system on Fractal, and finally, touch on community activities and updates.

PizzaSwap: LPfest and beyond

In our recent announcement 2024.10 PizzaSwap — UniSat’s first open production experiment, we introduced PizzaSwap: LPfest. Here, I’d like to provide some additional details.

This update will be completed next week, with a primary focus on enhancing rewards and functionality for LPs, an essential step in refining the swap as a product.

The first reward cycle (Epoch 1) spans 42,000 blocks (approximately 14 days) and includes the initial sFB <> sBTC and sFB <> sSATS trading pairs, as well as the voted-in sFB <> GLIZZY trading pair (a total of 3 trading pairs). Starting from the first block of the reward cycle, all rewards will be distributed block by block until the cycle ends. LPs can be locked and unlocked at any block to receive rewards generated during that period.

As mentioned in the previous announcement, FB rewards are distributed from bc1pd…2pqx3 (the address of Community Grants). It’s worth noting that in Epoch 1, to prevent excessive dilution of rewards, there is a cap on the amount of LP that can be locked. We will monitor the reward distribution during Epoch 1 and make updates for future cycles. We are also considering a special reward for pre-Epoch 1 LP holders as a gesture of appreciation for their participation.

The announcement also touched on smaller updates, such as LPs being able to clearly see their fee income on the panel and our mid- and long-term goals like simplifying operations by removing the deposit and withdrawal mechanisms and upgrading the swap module on the bitcoin mainnet. We will keep you informed as these goals progress.

Additionally, with the updated PizzaSwap, Performing swap operations will offer the opportunity to earn extra UniSat Points. Keep reading to find out how UniSat Points can be used.

Goodwill Credit

This goodwill account originated from an oversight during the Mainnet Bootstrap Program event. Some initially eligible users were later unable to claim their rewards. To address this, we designed the Goodwill Credit account, offering these users a monthly benefit of 10-15 virtual FB for six consecutive months.

Virtual FB means these FB cannot be withdrawn but can be used as a fee offset in PizzaSwap, UniSat Inscribe, UniSat Marketplace, and other features in the future.

Additionally, certain qualifying addresses are eligible to receive virtual FB:

• Miner addresses that participated in testnet mining and successfully mined blocks
• User addresses that took part in the early testing of brc20-swap on the Bitcoin mainnet
• Addresses with a certain number of UniSat Points that can claim monthly benefits

Please wait for the official announcement when Goodwill Credit goes live for more details.

UniSat Wallet: an advanced security model

Over the past year, as the Bitcoin ecosystem has grown, the UniSat Wallet user base has expanded. Every new protocol, such as last year’s brc-20 protocol, the Atomicals protocol, and this year’s Runes and CAT20 protocols, brought new users and service providers to the ecosystem. These peak moments often coincide with increased instances of asset loss among users. Many phishing sites are highly deceptive, and users often only realize they visited a phishing site after checking their browser history, resulting in asset loss.

This prompted us to consider ways to enhance UniSat Wallet’s security to meet the needs of average users while minimizing additional burdens, effectively reducing the risk of asset loss from malware and phishing sites.

One possible approach is creating a ‘double-confirm’ wallet when users have both the UniSat Wallet extension and UniSat App. When a transaction or signature is initiated from the browser extension, a QR code will appear that the mobile app must scan to confirm and approve the transaction. This method adds limited cognitive load and aligns with user habits. The likelihood of malware or phishing sites compromising data across different devices is greatly reduced, making this a feasible solution.

Additionally, we will support more types of hardware wallets (such as Ledger and Trezor) in future iterations, offering more convenience and options for users.

Voting and Reputation on Fractal

Later in November, we will deliver an on-chain voting system based on OP_CAT. All votes cast at specific addresses will serve as proof of participation in governance.

These addresses’ voting history will become part of a reputation system on Fractal, together with the Avatar system by UniWorlds, the Achievement system by GeoMarks, .fb names, and data from more services.

By building this reputation system, we can trace the historical cumulative reputation of each Bitcoin address, providing valuable data for all Bitcoin projects.

Community Updates and Events

We recently launched a new X account—UniSat Community Alerts—to organize activities and share more surprises with the community.

This week, we hosted some Halloween activities and organized a Halloween-themed Space. We hope to bring more fun perks and opportunities for community interaction while discussing thoughts and perspectives on Fractal.

I wanted to share some additional project insights, but since this post is already long, I’ll save those for next time.

Thank you for reading and see you next time!

Lorenzo
November 2, 2024

E-2411A (Lorenzo’s Library)
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