Hello fellow stackers! đź‘‹
We are the team working on the Validating Lightning Signer (VLS) FOSS project: @devrandom, @ken6, @JackRonaldi
VLS is a nifty piece of software that helps boost the security of the Bitcoin Lightning Network. 🛡️
Here's how it works: usually, your private keys are stored on your Lightning node, but if a hacker gets into your node, they could snatch your funds. To avoid this, VLS keeps your private keys separate from your node. So, even if the bad guys compromise your node, your funds are safu.
VLS doesn't stop there, though.
When you're making transactions, instead of your lightning node signing the transactions internally, they are forwarded to VLS running on a secure signing device. VLS double-checks everything and confirms that the transaction does not steal or lose funds before it signs. This extra layer of security significantly reduces the attack surface for a lightning network user. It's a real game-changer.
Plus, VLS opens the door to using multi-signature setups in the Lightning Network, much like the multi-signature wallets you might know from Bitcoin L1. The idea here is that, just like a bank vault needing two keys to open, a transaction would need more than one signature to go through. This makes it even harder for anyone with bad intentions to get their hands on your funds.
Topics to ask us about:
- What is VLS?
- Why is VLS important?
- How does VLS work?
- How can I try VLS?
- How do we work with you?
- What does our roadmap look like?
- Wen multi-sig?
- What is the airspeed velocity of an unladen swallow?
- What is the answer to the ultimate question of the life, the universe and everything?
We'll do our best to answer questions for the rest of the day.
Let's go! ⚡️
I think raising posting/comment fees to reduce bad content is reasonable. 10 sats seems like a good starting point.
A cool side-effect is that by raising posting and comment fees, Stacker News will also have far more sats to give back to the best users each day.
Right now there are roughly 2,200 new items created each week, which only generate 2,200 sats for SN to give back as daily rewards (1 sat per post/comment). This is a tiny portion of all sats SN earns, (the job board generates over 200,000 sats/week and boosts add tens of thousands of sats more).
By bumping the posting and comment fees to 10 sats, users may post slightly less, but it’s likely SN will still generate 5-10x more sats from those fees (10-20,000 sats/week) to give back to users.
As @k00b outlined in yesterday’s SN rewards upgrade, the daily rewards flow directly to the best contributors on the site… so by increasing the posting and comment fees, the best SN contributors should expect to see higher daily rewards.