Threadcast link:
@taskmaster4450/re-leothreads-2rkpmaivt
Link to recording:
https://x.com/i/spaces/1PlKQbgWeDkGE
Speakers
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VSC Network: Bringing DeFi and Scalability to the Hive Ecosystem
In this episode of the Lions Den, host Taskmaster4450 welcomed Vaultec from the VSC network to discuss the latest updates and developments for this Hive-connected sidechain project. VSC network is a separate blockchain network from Hive, with its own node operators, that aims to provide a scalable smart contract platform for the Hive ecosystem.
VSC Network Overview
Vaultec began by providing a high-level overview of VSC Network. He explained that it is considered a sidechain to Hive, meaning it runs its own transactions and has its own node operators, while maintaining direct ties to the Hive blockchain. VSC is EVM (Ethereum Virtual Machine) compatible, allowing users to log in with their Metamask wallets and directly send and receive Hive and HBD.
The key focus for VSC is to provide a good user experience for onboarding onto the Hive ecosystem, as well as enabling smart contract development using a variety of programming languages. Vaultec noted that developers can code smart contracts in any language, from C++ to AssemblyScript, making the platform highly accessible.
HBD Staking and Tokenization
One of the major new features Vaultec discussed was the introduction of staked HBD (sHBD) on VSC. This will allow HBD holders to stake their tokens and earn the 15% APR from Hive, while still maintaining the ability to transfer the staked assets.
Additionally, regular liquid HBD on VSC will be able to generate Resource Credits (RCs) for off-chain users, such as those with MetaMask wallets. As RCs are used, the HBD gets temporarily locked up to regenerate those RCs, providing a way for non-Hive account holders to interact with the network.
Vaultec explained that the RCs generated by HBD on VSC are solely for covering the costs of transactions and computations on the VSC network, and are not used for writing to the Hive blockchain itself. This distinction is important, as Hive accounts with Hive Power will continue to use their own RCs for Hive-based activities.
Scalability and Security
A key focus for VSC is scalability, as Vaultec discussed plans to expand the multi-signature wallet system to support hundreds or even thousands of signing nodes. This is enabled by a signature compression technology that VSC is proposing to the Hive core development team.
Regarding security, Vaultec explained that the VSC network uses a consensus-driven approach, with node operators having to stake a certain amount of HBD or other tokens to participate. This staking requirement, combined with a two-thirds majority for consensus, makes it extremely difficult for an attacker to gain control of the network.
Additionally, VSC is working on solutions to prevent miner extractable value (MEV) attacks, where validators could tamper with transaction ordering to extract additional profits. Vaultec stated that VSC is developing technology to fully prevent these types of attacks.
Onboarding and Wallet Integration
One of the key advantages Vaultec highlighted for VSC is the improved onboarding experience compared to the Hive blockchain. By allowing users to log in with their existing EVM wallets, such as MetaMask, and directly send and receive Hive and HBD, VSC aims to significantly lower the barrier to entry for new users.
Vaultec also discussed plans to integrate support for other blockchains beyond just Hive, such as Bitcoin and Litecoin. This would allow users to wrap and unwrap assets, providing more flexibility and cross-chain functionality within the VSC ecosystem.
The Future of VSC and Hive
When asked about his overall view of the Hive blockchain, Vaultec expressed optimism, highlighting the account system, Resource Credits, and Custom JSON capabilities as particularly attractive features that drew him to build on top of Hive. He believes the combination of Hive's strengths and VSC's scalability and DeFi focus can lead to significant growth and adoption for the broader Hive ecosystem.
As VSC continues to develop, Vaultec encouraged the community to follow the project's blog at VSC.network for the latest updates. He also teased that VSC will have some exciting announcements and demonstrations at the upcoming HiveFest event in September 2024.
