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@mhluongo and @MacLaneWilkison (co-founders of @keep_project & @NuCypher) chatted with @laurashin on @Unchained_pod about everything tBTC and #Bitcoin bridges.
A summary of what was discussed 🧵
A summary of what was discussed 🧵
@tBTC_project is a decentralized BTC bridge to #Ethereum that was launched in 2020 on the @keep_project Network.
It faced tough competition from centralized providers such as WBTC & renBTC and ultimately, v1 was just not scalable.
#tBTC v1 peaked at 1800 #BTC under management.
It faced tough competition from centralized providers such as WBTC & renBTC and ultimately, v1 was just not scalable.
#tBTC v1 peaked at 1800 #BTC under management.
On the other hand, @renprotocol chose a ‘progressive path to decentralization’ but never actually became decentralized. 😥
Centralization led to the grim situation today
Centralization led to the grim situation today
Early this morning a #tBTC contributor was having difficulty using the alpha version of the dApp. The team noticed the issue on-chain, and discovered a broader vulnerability in the system.
The team took rapid steps to ensure that all funds stayed safe, using the privileged key's ability to pause deposits for the next 10 days.
We are happy to share that over 99.7% of all TBTC has been collected in one wallet controlled by the development team, and is being withdrawn. Remaining BTC deposits can be redeemed at their owners' convenience.
Called an audible today with the #tBTC deploy @keep_project - one of our devs caught a griefing issue doing final system checks that evaded us and auditors. The issue is fixed, but giving it a day to cool off and get more eyes on.
The ECDSA keeps and SPV beacon are live, and KEEP holders can prepare for tomorrow by bonding ETH at dashboard.keep.network
Excellent catch @NicholasEvans14 🥳 so glad this was how we found it 👏👏👏
So excited for the latest work threshold DSA work from @rgennaro67 and @sgoldfed, and humbled to make the motivating intro @keep_project. Huge protocol improvements in the pipe thanks to this!
You should give the paper a read, but the TL;DR for the cryptocurrency space is a stronger, "off-chain" approach to multisig that's indistinguishable from single-sig.
The approach by the same authors in 2018/19 meant an efficient approach to threshold ECDSA. But using it meant losing "identifiable abort"- knowing which participant refused to take part in a particular signature.
1/ Next week, we'll finally share the last 3 years of our work with the world. We're taking @keep_project and #tBTC to mainnet.
As we move forward, I wanted to share exactly what that looks like so you'll know what to expect, when.
As we move forward, I wanted to share exactly what that looks like so you'll know what to expect, when.
2/ Tomorow, the @MakerDAO commmunity will vote to finalize the tBTC price feed, an ETHBTC feed they maintain. This is a huge step toward bringing Bitcoin collateral to MCD.
vote.makerdao.com/polling-propos…
vote.makerdao.com/polling-propos…
3/ Monday, the @keep_project tokens, grants, and staking will be launched. Custodial partners like @CoinbaseCustody and @Anchorage will begin testing on mainnet. Tokens will be distributed, with vesting grants enforced on-chain.
I've just pushed a draft explaining the #tBTC security model for humans.
preview.tbtc.network/cms/resource/t…
preview.tbtc.network/cms/resource/t…
Most of this was written by @liamzebedee, with help from @lightfiend and @CReckhow. Very interested in feedback on the piece and overall system security
github.com/keep-network/t…
cc @TheBlueMatt @matt_odell @udiWertheimer @eric_lombrozo @ercwl @adam3us @zackvoell @peterktodd
github.com/keep-network/t…
cc @TheBlueMatt @matt_odell @udiWertheimer @eric_lombrozo @ercwl @adam3us @zackvoell @peterktodd
We tried to draw fair comparisons to systems like @Blockstream's Liquid, @WrappedBTC, and @binance's BTCB. We also directly addressed the tradeoffs made between this design and .
