Or on EOS?
And how would this needed to be done?
The use being?
If Bitcoin would run on the EOS blockchain it would be as a smart-contract. And I wonder how complex it would be to transfer it over from the sourcecode in C++. Which would compile to WASM and it would need quite some resources. CPU, NET and RAM costs could make it hard to manage. But I'm just guessing at numbers and figures here.
With Smart Media Tokens {SMT} on the Steem blockchain it looks much more simple to achieve. Except for the distribution of the Bitcoin Token to the excisting Bitcoin, BTC, private key holders. There was an idea to do this on the Bitshares blockchain. An ultrafast Bitcoin, that can handle thousands of transactions per second, without breaking a sweat. Yet it seemed to be way too expensive to make it happen.
This is the part where the Steem and/ or EOS blockchain are better suited. For the main reason of having ZERO transaction costs. A downside, to some, would be that having Bitcoin, BTC, activated on an account based blockchain would have people lose part of their privacy. Bitcoin itself is not an anonymous system at all. All transactions can be traced, but there is some privacy left, where as EOS and Steem are completely transparant. So could it work?
How about mining...
Owners of Bitcoin, BTC, private keys, could prove how much sBTC {Steem BTC} and/ or eBTC {EOS BTC} they can unlock. This would of course be automated, and registered on the DPOS {Delegated Proof Of Stake} blockchain. To prevent double-claiming. It is not ment to be like an atomic-swap system, but a replacement for the POW mined version of Bitcoin. No matter if it is a forked off version or the original BTC, or even all of them. DPOS is then to replace POW {Proof Of Work}.
There would be still 21 million eBTC and/ or sBTC issued. The DPOS blockchains could handle this by creating an amount of sBTC/ eBTC every block. Part could go to the Steem witnesses/ EOS block producers and maybe a part could go to a stash pool. The challenge would be then how to distribute the stash of sBTC/ eBTC. Or the witnesses/ block producers could decide. This could make having a Steem and/ or EOS account even more exciting. Just as being active as a Steem witness/ EOS block producer.
It is technical, but can be done.
Could it be done? Remove the POW mining from Bitcoin, or any other POW/POS based Crypto for that matter, and move it to a DPOS type of blockchain. Transactions confirmed in high speed, with the blink of an eye, at ZERO transaction cost. There are some technical challenges, like does it have to be from a certain point in time that one can claim sBTC or eBTC, or is it an ongoing proces. The Bitcoin, or other POW/ POS blockchain can be expected to move on. So there is always a backup to use for a checkup.
Or, why even bother? Those in favour of POW mined Cryptos would dislike this suggestion to move over to DPOS very much, I can understand thst. Also those who are part of the infrastructure with their business would dislike to see this happen, I guess, if they have a lot of their own skin put in. But that might change once they understand reputation systems, refunds, known accounts, transparantcy and high speed, high volume transactions at ZERO cost.
Still exciting.
This was a merely just a hypophysis, a 'what-if' of my brain its imagination, of if it would be possible to move a POW/ POS Crypto over to a DPOS blockchain. And I think that it is technically possible to do so. Where Steem might even be more suited than EOS. As a system like Pocket, a Token already running on the Steem blockchain, could do the preparation for the final SMT in 2019.
With Steem now having a pure Wallet ready on Android and IOS, made by Roeland SteemFest P, this would also be able to use any future SMT. Imagine how easy it is to pay and receive any kind of Token using it. And if there were a sBTC SMT, buying a cup of coffee with it would be like 3-2-1 done! What would it cost the merchant and the client? Well... ZERO, NADA, NOTHING, ZIT DIDDLY SQUAD!
And I think I know what Jean Luc Picard of starship Enterprise now would say...
May the Cryptos be with us!
A smoking hot idea...
Image CC0 licensed.
Image source, courtesu of:
https://pixabay.com/nl/users/Comfreak-51581/