It’s stupid, but
@spark is literally bitcoin. Just a bit faster
A few months ago, I gave a talk on Spark at
@citrea_xyz’s research day event. During the Q&A section of the event, someone asked me:
“Can systems like Spark enable more programmability?”
I hand waved a bit. Honestly, I didn’t know the answer. I had heard of “smart contract layers” coming to Spark, but I had no idea what they could do or how they worked.
Fast forward a few months,
@flashnet launched their beta. With that launch, docs were made password accessible, so I had a look.
Basically, Flashnet is a layer that is built on top of Spark. It takes user intents from Spark users, matches them, executes the intents, and then distributes the funds back to users. During this execution of intents, Flashnet validators take temporary custody of funds in a shared “multisig” address. After the intent is executed (in seconds), users are given their updated balance post execution. While reading this, I came to the realization that it's similar to the way that “smart contract layers” on bitcoin work.
But Flashnet is built on Spark, not bitcoin directly. And since Spark has sub-second transaction finalization, matching of user intents (trades, etc.) happens infinitely faster.
I’ve been thinking about the “developer moat” for bitcoin L2s lately, and Spark’s is very clear. Most (if not all) of the token transfer, bitcoin-native metaprotocol-like applications that developers build on bitcoin, can also be built on Spark. Due to its statechain architecture, teams can argue (pretty soundly I might add) that user funds are self-custodial or non-custodial. And because Spark only operates via exchanging ownership of L1 bitcoin UTXOs, users do not have to “bridge funds” onto Spark. This is certainly a worthwhile tradeoff.
Now, some applications might come with greater trust assumptions, just as Flashnet does. But, the finalization of these transactions happens at a much faster pace, so users’ exposure to the trust assumptions can be minimized from a time perspective. This is Spark's moat.
So if you can build it on bitcoin, you can build it on Spark. I’ve written a lot about the trust assumptions related to the protocol, so check out the
@BitcoinLayers review below to learn more.
If you are fine with these trust assumptions (they’re pretty reasonable in my opinion), then Spark has a great developer moat to build solana-speed applications, where users retain strong custody assumptions and can incur further assumptions per their individual, application-specific use case.