Why is Liquid considered to be built on top of bitcoin, what am I missing?
Afaik it's a completely different blockchain with its own consensus rules. Hit has its own token, which is only pegged to bitcoin and is issued by a federation.
Trigger warning. Isn't wrapped BTC on Etherium the same in some way?
yeah its still IOUs on a blockchain
Wrapped BTC also doesnt involve trusting people, just trusting/verifying that there isnt an exploit in the smart contract that you can audit.
Even then, I would never touch Etherium
Me neither. 🤙
I thought maybe I missed something about liquid cause it's constantly mentioned as built on top of bitcoin. Saw it often, ot only in the original note
Similar criticisms of Cashu though - if we are going to start adding “trustless” as a criteria for “built on bitcoin”. Would say that Liquid is probably still a better IOU than cashu
Jep, cashu also. Don't now about ark and spark.
spark is a cunt hair away from being non-custodial at the cost of not being permissionless. it's a little bit better than liquid in general but still not the answer to bitcoin's scaling problems.
https://blog.apathy.tv/articles/wallet-of-satoshi-spark-beta-review
Thanks for sharing. Will have a look👍
this isn't how WBTC works. it's much more similar to USDT except the underlying asset is BTC instead of US treasuries. the custodian is a company called bitgo. some people have tried to make more trustless alternatives to WBTC such as Threshold tBTC but they are still not completely trustless. they're all about as bad as liquid L-BTC.
Share the same codebase.
