Nostrpad Team Launches Innovative Protocol GEMG Assets Based on Lightning Network

Nostrpad Team Launches Innovative Protocol GEMG Assets Based on Lightning Network

Ontario, Canada - January 6, 2024 —

New Protocol Aims to Address Limitations of Lightning Network and Centralized Systems Through Minimal Transaction Verification and Mutual Verification

Since the inception of Bitcoin by its founder, Satoshi Nakamoto, in 2009, its potential for future development has garnered widespread attention. Nakamoto foresaw that the Lightning Network would become an essential part of Bitcoin's future, a second-layer payment protocol aimed at resolving Bitcoin's scalability issues. Under this vision, several teams, particularly the Nostrpad team, have been actively working to build the Lightning Network ecosystem.

Recently, the Nostrpad team announced a significant breakthrough: the development of a new protocol named GEMG Assets, based on the Lightning Network. GEMG Assets is designed to overcome some of the inherent limitations of the Lightning Network and address the shortcomings of centralized systems.

Technical Principle: GEMG Assets introduces a unique transaction verification mechanism known as "Minimal Transaction Verification." This mechanism condenses transaction information to its most crucial elements and uploads it to the Lightning Network, enabling rapid, high-frequency transactions that can operate independently from the Lightning Network blockchain.

Mutual Verification System: Furthermore, GEMG Assets incorporates a "Mutual Verification" mechanism. This system is based on a ledger mapped again on the Lightning Network, the gemg ledger. Essentially a decentralized public blockchain, the gemg ledger does not initiate any transaction information but only maps transactions initiated through GEMG Assets. It records secondary transaction information and stores it in the data. The hashes generated by the gemg ledger are algorithmically linked to those of the Lightning Network to ensure the integrity and reliability of transaction information.

GEMG Engine: As the core component of the entire system, the GEMG Engine plays a crucial role in enhancing the security and efficiency of the verification process. It optimizes blockchain queries through indexing and compilation, further strengthening the system's security and efficiency.

Users or developers can perform various operations through the GEMG Engine. The Engine reads compliant data and generates on-chain written data through transaction notes. These data are then automatically written and indexed by the GEMG Engine's algorithm.

For index queries, users can choose from the following methods:

- Use the block explorer provided by GEMG Engine.

- Query using the SDK package provided by GEMG Engine.

- Use the block explorer provided by Lightningdecoder.

This tripartite verification form changes the decentralization level of the Lightning Network. The protocol ensures that asset attributes remain unaltered when integrating technologies like BRC20 or Ordinals, with all transactions undergoing strict mutual verification.

The Nostrpad team will also generate GEMG addresses based on the Payee Pub Key of the Lightning Network and offer users decentralized wallet support for GEMG Assets, including asset management, token issuance, dapps, and more. Additionally, they provide a one-click integrated SDK package for developers of the Lightning Network and GEMG Assets, offering a comprehensive, one-stop solution

Contact Info:
Name: dujail Howard
Email: Send Email
Organization: Parts and Pieces
Website: https://www.nostrpad.com/

Release ID: 89118011

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