BitcoinOS’s bridgeless cross-chain transfer risks undermining Bitcoin’s security by bypassing its consensus. It adds complexity, centralization, and could distort Bitcoin’s value. Innovation is great, but not at the cost of Bitcoin’s core principles. Thoughts?
Discussion
Who even wants a cross-chain bridge between Bitcoin and Cardano? It makes absolutely no sense.
Exactly
People can build whatever they want. Bitcoin doesn't care.
If people want to use this BTC -> xBTC -> Cardano -> xBTC -> BTC thing, they should have the freedom to do so.
I don't, but hey, you do you. All that complexity doesn't stop me from zapping sats around.
Also, here's a link to the article without trackers: https://news.bitcoin.com/bitcoinos-completes-first-bridgeless-cross-chain-btc-transfer-between-bitcoin-and-cardano/
For sure. I’m not opposed to people innovating. I am however, skeptical
That article didn't explain the details of how it works, but a simple approach would be to encrypt the bitcoin privkey using the cardano pubkey (from person #1) & post it to the bitcoin blockchain.
Cardano person #1 then has the BTC privkey, can pass it to someone else and then they can move the coins.
I guess the ZK stuff is to prevent multiple people from having that BTC privkey. It'd be interesting to see the details on how they stop a race among the cardano users to move the coins. Presumably they achieve this...
You are correct. I’m interested to see how the Cardano users interact as well.
Using three or more different chains for your personal finance can be a pain but getting to use each for its particular strengths really has its advantages in fee’s, speed, and privacy :-) Plus Non kyc swap services and things like atomic swaps make it super easy nowadays. :D