Location

The event will be hosted at theBunkers Yaba:

279 Herbert Macaulay Way | Yaba, Lagos | Map

Announcements

Join us on our Fifteen Bitcoin Socratic Seminar! A special thank you to our sponsor, Btrust for food and refreshments.

Reminders

• We prefer no photos and no videos during the event
• Chatham House Rule
• Leave the meeting space as clean as you found it
• Suggest topics for the next Socratic Seminar! Where to find topics?

Topics

September Session Summary: Arkade Protocol and Programmable Money

MC: Tobe

The September Bitdevs Lagos gathering featured a presentation by Tobe on Arkade, a new operating system designed for programmable money, built atop the Ark protocol.

Understanding Arkade

Arkade aims to enable the building of complex applications on top of Bitcoin, much like the Lightning Network, but offering a virtual environment for more intricate logic and computation.

• Foundation: It is built on the Ark protocol, a trust-minimized, off-chain transaction batching solution.
• Core Mechanism: Arkade allows for the batching of offline operations and settles them efficiently on-chain. This batching mechanism significantly helps to reduce on-chain fees.
• Programmable Environment: Tobe highlighted that Arkade provides a virtual environment that supports complex computations, going beyond the limited scripting capabilities of the Bitcoin Layer 1 (L1) environment.

Key Technical Concepts

• Virtual UTXO Model: Arkade utilizes a Virtual UTXO (vUTXO) model, which is conceptually similar to Bitcoin's native Unspent Transaction Output (UTXO) model. This vUTXO model is essential for how transactions and state are managed within Arkade.
• Smart Contracts: The platform can be used to create Smart Contracts, leveraging its virtual environment for more flexible agreement logic.
• Arkade Operators: The security and operation of the network rely on Arkade operators, who play a crucial role in validating transactions within the Arkade system.

The presentation concluded with a discussion of the potential benefits Arkade offers to the Bitcoin ecosystem, alongside an analysis of the inherent trade-offs involved in adopting this new scaling and programmability solution.

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