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sBTC: Design of a Trustless Two-way Peg for Bitcoinassets.stacks.co/sbtc.pdf
76 sats \ 4 comments \ @cointastical 14 Dec 2022 bitcoin
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25 sats \ 2 replies \ @Eximpius 14 Dec 2022
Stacks is a scam and a joke. Dont fall for that BS
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0 sats \ 0 replies \ @cointastical OP 15 Dec 2022
Ok, more info on this topic:
I saw this new paper from Stacks, on a two-way peg type "sBTC".
Since I am the author of Bip300 (a BIP with a two-way peg), I thought I would give it a little review.🧵(1/5)
https://twitter.com/Truthcoin/status/1603104770952003586 [Nitter]
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0 sats \ 0 replies \ @cointastical OP 15 Dec 2022
Is it possible that you are not considering changes coming for Stacks that you are not considering? I'm (mostly) just a messenger here, as this crossed my feed and thought it worthy of being shared. But this seems to be an improvement over the Stacks that I've read about previously.
In this paper, we present a trustless two-way Bitcoin peg system. Unlike earlier approaches where a fixed federation or federation of multisig wallets needs to be trusted by users, this new approach has economic security through an open-membership and dynamic set of signatories. Further, users don't pay any fees when moving their BTC in and out of the Bitcoin layer and the dynamic set of signatories are rewarded in BTC for their work by the consensus protocol.
This work brings us closer to building ideal Bitcoin layers. Not only do users have access to full smart contracts at the layer but they can easily move their assets in and out of the layer in a decentralized manner while their transactions are secured by 100% of the base layer security.
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0 sats \ 0 replies \ @cointastical OP 14 Dec 2022
See also another post, found here on SN, which shares an accompanying paper:
Stacks: A Bitcoin Layer for Smart Contracts #107062 https://assets.stacks.co/stacks.pdf
Here's the Tweet that kicked off the Twitter thread where this paper was shared:
NEW: we’re releasing two papers that enable trustless movement of BTC in/out of Bitcoin layers; unlocking the full potential of Bitcoin in DeFi & web apps.
A trustless two-way Bitcoin peg has been a holy grail problem for a decade.
More details👇
https://twitter.com/muneeb/status/1603065919508709377 [Nitter]
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