I took a quick look at the global income spectrum and how it relates to onchain fees. There’s a roughly 200x difference between Switzerland and Madagascar. With a global fee market, everyone pays the same, but it’s 200x more impactful to one person over another. Rough.
If bitcoin price increases by 5x over the next years, and network traffic along with it, resulting in another 5x in fees, then we have a 25x increase in total. Based on the assumptions in the lightning white paper of 30 sats per vByte and 500 vByte per transaction, we then end up with $150 per transaction. That’s 28% of the annual income of someone in Madagascar, and 0.15% for Switzerland.
Just ballpark numbers, we’ll see what happens. But either way, we need to squeeze the most out of this tech and optimize where we can.
For Saving Satoshi, Matthew got the challenge for Chapter 7 ready, so I started the UI design, along with another revision for the images. Learners will have to write code to sort through mempool transactions and construct blocks.
For the foundation, we’re close to wrapping up our first two grants, are continuing to make connections, and are also preparing a proper website so we can appear more legit. This is more about getting something clean and simple live quickly, that we can iterate over time. Hope to get that live maybe next week.
For the design huddle today, we did explorations on Bitcoin Design swag that we can wear at conferences. Below are some Midjourney renders to just get inspiration for directions, color, styles, etc. Total visual mess, with some nuggets in there to extract and expand on.
Right after we had a learning session about the time-based recovery page, where we read the thing from top to bottom.
Speaking of the guide, my PR for adding diagrams to the multi-key page is live. I also got good feedback on the “Stabilizing bitcoin value” page (formerly “Fiat over lightning”), see the PR and page preview. I’m hoping to wrap that one up soon as well, and then move to finalizing the contribute page update.
Quite some momentum in design and research for the Bitcoin Core App. I hope we can finalize the assumeUTXO flows and mobile navigation next week and then get into wallet creation.
Also started the newsletter, which will go out next Wednesday.
Quite a bit going on, as usual. Hope your week was excellent. Time for the weekend. Have a good one.
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