Flash Protocol

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19 Mar 2024

Flash Protocol is a new Taproot-powered & decentralized protocol to mint, trade and earn Bitcoin native assets / NFT at high transaction speed and low transaction cost.
Flash Protocol offers four key use cases:
1) Initial assets and NFT issuance, a 100% permissionless and cost effective process
2) BTC Angel Hub, a Gitcoin-like platform to support Taproot ecosystem projects
3) Marketplace designed specifically for enhancing asset liquidity
4) BTCFi on Flash Chain
Flash Chain is infrastructure for advanced BTCFi functionalities such as staking, swaps and lending for Bitcoin native assets.To enable the use cases such as BTCFi, a FlashVM will be realized on Flash Chain.
Universe service is essentially a data repository for assets issued. It keeps records of asset issuance and transfer. Historically, such universe service is not decentralized and thus exposed to censorship risk.
Such risk will deter some project creators from using Universe service. Our efforts of Universe decentralization will make it 100% permissionless and therefore censorship-resistant.
The decentralization of Universe is realized with help of a network of nodes validating asset issuance. It prevents single point failure and hacks.
Quite recently, a vulnerability was detected in Ordinals BRC-20 token trading market where sequencer (universe) is hacked by third-party and lots of fake tokens are issued and traded. In such case, the Universe is hacked because is centralized and prone to hack. It sets a perfect example on the drive behind our efforts to make a decentralized Universe service for Flash Protocol.

FlashVM’s architecture is broken down to two layers — settlement layer and validator layer. The interoperability between the two is rooted in MAST and Threshold Signatures, a testament to its Bitcoin-native approach, ensuring that users enjoy the essence of Bitcoin DeFi on a layer-1 public chain.
This distinction means that while assets are bridged onto the Flash Chain, they remain within a Bitcoin-native ecosystem, redefining the boundaries of layer classifications in the blockchain space.
FlashVM’s Settlement Layer and its foundation for security and finality of the Bitcoin network, using Bridge Script and MAST as well as Threshold Signatures to create a secure bridge between Bitcoin and the Flash Chain, ensuring that transactions are anchored to the robust security mechanisms of the Bitcoin network.
Below that is the Validator/Sequencer Layer, where transaction computation and indexing occur. The Flash Nodes, which are responsible for computation, process transactions and generate execution traces here, ensuring that transaction data is processed in a timely manner and properly verified by validators. Validators interact with coordinators for transaction proving. This layer is essential for the consensus mechanism of FlashVM, as it underpins the security of the network.
To issue new Taproot Assets on the Flash Protocol, we need to head on over to the “Issue” tab. Issued assets will directly be issued to your Lightning Network account and both owned and controlled by you.
In the example below, we feature a test asset called “star” with a total supply of 10,000. Clicking on “issue” issues the asset.
Flash Protocol is also the first to allow users to mint Taproot NFTs. The interface is simple to use and features NFT projects within it.
By clicking in the introduction to any one project, you will be directed to the collection those NFTs belong to. Here’s an example of a sample NFT collection.
First, let's click 'NFT' on the menu bar, all the Taproot NFT projects will be listed below, click the one of your choice, in this case ,would be 'Flash Pilot NFT(test)'.