Replying to Avatar scrolls of ancient wisdom

Yeah what?
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Max 1y ago đź’¬ 5

A two way peg is a second layer transaction system, where new tokens are created when bitcoin is locked up on the base layer, and those bitcoin can only be spend, if those second layer tokens are destroyed.

That's the original vision of Blockstreams early side chain research, and it took 10+ years to finally have a trustless way to get Bitcoin from the side chain to the baselayer.

What enables this magic is succinct zero knowledge proofs which are verified on the base layer in order to unlock the Bitcoin. With BitVM the zk proofs can be emulated on bitcoin today.

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Aaa 1y ago

Tell me in which country Blockstream is based and I tell You how trustless it is!

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2Pac 1y ago

So you’re saying it doesn’t rely on a federation like Liquid does?

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Max 1y ago

Exactly.

There is a 1-of-n lifeness assumption in BitVM, so you trust that at least one of the operators will behave according to protocol, but even the operators cannot steal your money.

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scrolls of ancient wisdom 1y ago

Where can we use this?

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Max 1y ago

I don't think there's a pretty and usable UI yet...

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Jaakko Vazha-Kareli 1y ago

Can you open that BitVM part a little bit, is it "live" and usable?

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Max 1y ago

There are a couple different implementations, the early versions did work on mainnet, but were very hacky proof of concepts. Early next year there should be a couple major releases though.