Worker Proposal Idea: Using an EOS smart contract to replace/improve Bitcoin
I posted this in another category, but I think it's more appropriate here. Also I'm adding some more thoughts.
Original version here: https://exploringeos.com/how-to-make-bitcoin-actually-usable/
1 – Create a smart contract that has control over a bitcoin wallet.
2 – Every time someone sends bitcoin to that wallet they include as part of their transaction their EOS address.
3 – The smart contract then creates tokens at a 1:1 ratio of the number of bitcoin that were received in the wallet.
4 – Next the smart contract sends 100% of those tokens to EOS address that was included in the bitcoin transaction.
5 – (Optional) 99% of tokens are sent and the remaining 1% is a fee that could be used in a few different ways and may not even be necessary.
6 – If someone sends the token back to the contract with a btc address attached, they will receive an equivalent amount of btc (minus the btc network fee of course).
An EOS token 100% backed by BTC making it faster, feeless and usable in everyday transactions.
If this were popular enough the btc blockchain may cease to have sufficient transaction volume to support the btc network, especially as the mining reward drops off. In which case, EOS replaces all of BTC with a single smart contract I know I know it's a long shot but I can dream.
I don't actually know enough about smart contracts to know if this is possible.
Worker proposal could fund the development of this and the tokens to stake to run it so that it's free for users. The fee could be done away with if the WP were to fund enough for the stake. Could start with small stake and add more if it gets popular. Otherwise, the optional fee could be traded for EOS to stake.
Would be great PR for EOS and would potentially drive crypto adoption for regular transactions.
Potentially a much better solution than the lightning network.
What do you think?
Is it even possible?