how would you feel if I would tell you you can trade without counterparty risk over lightning using your phone?
Sounds exciting? Let me introduce to you, 10101 (speaks, ten ten one).
10101 is a noncustodial on-chain and Lightning wallet for the phone. It has all the bells and whistles a good Bitcoin wallet needs with an extra level of pizzazz.
We are doing all this while applying the 2 rules of Bitcoin:
The wallet in 10101 is fully noncustodial. This means, you have the power and the responsibility to manage your own funds. This is valid for your on-chain wallet as well as your Lightning wallet.
For trading we follow the same rule: at no point in time you will have to trust the counterparty of your trade with your funds.
To achieve this we are making use of DLCs (Discreet Log Contracts).
DLCs are Bitcoin's way of bringing smart contracts on-chain: It is a contract protocol where two parties agree to exchange money dependent on the outcome of a certain event as determined by an oracle (or several oracles).
After the event happens, the oracle publishes a commitment to the outcome of the event that the winning party can use to claim their funds. The oracle does not need to know the terms of the contract (or even that a contract was set up in the first place).
We are not a random group of devs who came together trying to reform the financial system and the world of trading. Wait, we are. But, we have proven that we can do it!
Over the last year we have been building ItchySats, a solution which enables you to trade CFDs peer-to-peer without having to trust your counterparty while you keep full custody over your coins at all times.
Before that we built atomic swaps solutions, enabling users to swap Bitcoin for Monero atomically.
Now, we are doubling down and are bringing noncustodial financial services to Lightning.
We would love to hear from you.
What do you think? Is this something that excited you?
10101 is the binary representation of 21, as in 21 mio Bitcoin and it embodies the vision of Bitcoin:
non-custodial and censorship resistance