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bitshares / bsips

BitShares Improvement Proposals and Protocols. These technical documents describe the process of updating and improving the BitShares blockchain and technical ecosystem.
https://bitshares.github.io
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Create BSIP9999 Distributed Bitcoin Cross Claim Gateway #287

Open litepresence opened 4 years ago

shulthz commented 4 years ago

Some illustrations?...

If that is :

1.Witness multi-signature the smart contract/wallet on Bitcoin Mainnet; HTLC? 2.Witness multi-signature the smart contract/wallet on BTS Mainnet; 3.Lock real BTC in Bitcoin Mainnet contract/wallet, then they can issue the "polkaBTC" on BTS Mainnet? 4.Anyone can achieve the real BTC using "polkaBTC"?

matle85 commented 4 years ago

This is similar to bitBTC but maybe (/hopefully) with some HTLC or similar functionality that means BTC has to be committed in order for polkaBTC to be created (i.e. a cross chain trade and the new asset is only released / created if the two requirements - BTC sent, collateral locked up, are met) if not it is exactly the same as bitBTC pretty much?

It's better to have some buy in from BTC in creation of the asset. A far superior option is locking up BTC but has anyone got close to figuring out a road map for how that could be done?

I need to read up on how all the wrapped ETH contracts do it.

litepresence commented 4 years ago

This is similar to bitBTC but maybe (/hopefully) with some HTLC or similar functionality that means BTC has to be committed in order for polkaBTC to be created (i.e. a cross chain trade and the new asset is only released / created if the two requirements - BTC sent, collateral locked up, are met) if not it is exactly the same as bitBTC pretty much?

with the mpa construct bob wishes to get bitBTC and he locks core token collateral; he "self issues" bitBTC to himself. This is not real BTC... its just an mpa on the dex; so bob cannot take this BTC and put it in cold storage BTC wallet or send it to a cex and do a traditional cex swap to another chain unless the cex will do business in bitBTC.

with the polka construct bob wishes to get real BTC. So he sets aside some collateral and fishes for a client by advertising a fee to do a swap. alice approaches him and says I'll give you real BTC so long as you give me polkaBTC.

alice transfers real BTC to bob bob has core token equal to that amount then locked in an mpa type margin contract. in exchange alice gets polkaBTC prior to the transaction bob had core token; now he has real BTC prior to the transaction alice had real BTC; now she has polkaBTC

alice can get her real BTC back via a redeem operation with bob - or charlie likewise bob can get his core token back via a redeem operation with alice - or charlie

abitmore commented 4 years ago

alice can get her real BTC back via a redeem operation with bob - or charlie

A fact is the redeem operation with real BTC has to be done on the Bitcoin blockchain. If nobody responses to her request she simply can't get any real BTC. Since she owns pBTC only on the p chain, the only thing she can do with her pBTC is to settle it for the core token of the p chain -- that's essentially what bitBTC is.

alice transfers real BTC to bob bob has core token equal to that amount then locked in an mpa type margin contract. in exchange alice gets polkaBTC

If no HTLC is involved in the process Bob is able to run away when he got Alice's real BTC. Or vise versa.