Open zmanian opened 4 years ago
TSS implementations https://gitlab.com/thorchain/tss
Why BTC Pegzones should be one of the center of ATOM 2021 vision
1) recent fast expansion of BTC peg usecase in ethereum space
2) WBTC usecases on different Defi solutions
3) WBTC have centralized operation structure
https://gitlab.com/thorchain/tss https://github.com/binance-chain/tss-lib(binance) https://github.com/summa-tx/relays https://github.com/interlay/BTC-Parachain(polkadot)
1) Asset pegging is one of the biggest pillar of Ethereum Defi space 2) It is relatively much more important for our Cosmos ecosystem than Ethereum because
1) Necessary ecosystems for successful BTC peg
2) It is not like launching and booming at the same time
3) To discuss about shared security support from the hub, and financial support from community fund
I think BTC pegzones should be a critical part of the ATOM2021 story.
Note there's also the Nomic BTC peg: https://github.com/nomic-io/nomic. Their plan is to have it merge mined with Bitcoin, which poses an interesting approach to getting a secure validator set. This could conceivably launch and connect via normal IBC to the hub before shared-security approach is viable. And with an AMM on the Hub we could then then have ATOM/wBTC swaps there. Will need to study the security around this more.
In general I'm very interested in using BTC on Cosmos peg zones as a bancor style reserve currency.
When we consider practical side of operation, we should progress from interesting solution to working service.
The necessary condition is enough security level provided by the service. Can we achieve that without shared security at the moment? How can we do that? Will users be OK with less security? How can we get the less security? Who will take the responsibility of operation? How can we fund them?
Let's go forward and answer these questions.
What I want to brainstorm is that can we just deploy cosmos btc supply control on hub gaia module and btc wallet controlled by validators?
I'm pretty sure that Bitcoin won the money contest. My guess is at this point it's just a matter of time.
So what does that mean for the top 2000 alternative sovereign blockchains? Well in my opinion, one of the things that this implies is that there will be a vast amount of demand for Bitcoin in a fast-moving form, with full and fast finality.
since I am (maybe prematurely) viewing Bitcoin as a reserve asset, or as base layer hard money/capital, It's my feelings that the most competitive blockchains are going to support Bitcoin extremely well because that is going to drive unquestionable value into their ecosystems.
Over the next two years my guess is that alt chains will be differentiated from one another by how well or poorly they support Bitcoin.
So I've got to vote a strong yes on this issue.
Should a BTC Pegzones be a priority for ATOM 2021?
Layout the Pros and Cons