10 sats \ 0 replies \ @10101 OP 11 Apr 2023 \ parent \ on: 10101 Closed Beta Launch Imminent bitcoin
We want to ensure that our system is stable enough and will open up the closed beta for additional users step by step.
10 sats \ 0 replies \ @10101 OP 11 Apr 2023 \ parent \ on: 10101 Closed Beta Launch Imminent bitcoin
Yes, 10101 will act as a LSP so that you can open a LN channel via lightning :)
Thanks for pointing it out. It's good to be reminded sometimes that we are living in our own little bubble :)
We will see to improve on that.
Thanks @super_testnet for the response.
We always see the oracle as a judge of last resort, i.e. if two parties engage in a trade and open a DLC then they can always settle the DLC collaboratively. Only if the parties do not agree they take the oracle's signature and go on-chain to get their funds.
The core idea behind these oracles is that they are not even aware that they are involved in a DLC.
That being said, a DLC can always be settled without the oracle say-so.
What you are describing I would not call an oracle anymore as it is actively involved in the transaction creation.
It is nevertheless an interesting idea, I'd consider a setup like this for my kids: i.e. if they want to spend more than X they have to at least get a second signature from their mum or dad π
The same solution can obviously also be used as a 2FA as you describe, i.e. you have one key on your phone and on on desktop and you need both devices to confirm tx over a specific amount.
10 sats \ 3 replies \ @10101 OP 2 Feb 2023 \ parent \ on: 10101 - We just published our roadmap bitcoin
I assume you are already aware of the general use case for trading.
The use case for a self-custodial on-chain and off-chain wallet is that it gives users full control over their assets and eliminates the need to trust a third party with their private keys, i.e. it is self-custodial!
In 10101, we add an additional feature to the wallet which allows users to trade right out of their lightning channel without having to trust their counterparty.
A positive side effect of the derivatives we are offering is that if you are shorting Bitcoin, you are stable in USD terms. This results in the creation of a synthetic stablecoin that does not require trust in the issuer, such as Tether or Circle.
Trades (and Stablesats) are always fully collateralized and users can be sure that they will be able to retrieve the profits.
This is particularly useful for individuals who prioritize security and privacy in their financial transactions.
By keeping control of their own keys, users can ensure that their assets are always under their own control and cannot be compromised by hacks or malicious actors (e.g. FTX, MtGox, etc). This allows for more secure and decentralized trading.
We believe that a synthetic stable coin (Stablesats) and self-custodial trading can help to increase user adoption of Bitcoin itself.
When you decide to trade using the wallet: Yes, the BTC you use and the one of the trade's counterparty are locked in a multisig.
If you don't trade it is another Lightning wallet - that you can also use self-sovereign. The Lightning node runs on the phone (we use LDK for that) and you can plug in your own Bitcoin node.
You can best compare it to Breeze wallet - it's basically the same, but instead of integrating services like LNMarkets (which are not fully noncustodial) we aim to build a P2P network for trading, and each trade is fully colleteralized in a multisig.
That is awesome to hear.
With 10101 we will focus on mobile first, but self sovereignty is very important to us, and it is part of the roadmap to bring 10101 to the self-sovereign Bitcoin node community (e.g. @umbrel, @RaspiBlitz, @mynodebtc).