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1/ We are proceeding to a next phase of making the Bitcoin peer-banking utility come true. Thread. 👇

(TL;DR: we're looking for a development grant to build an OS app for P2P CFDs for trustless, Bitcoin-stack, bitcoin-settled derivatives)
2/ After the initial research, writing 2 papers and giving 2 talks at #hcpp19 (linked in subsequent tweets), we realized the best way for now is to develop an MVP app with no inherent business model. The app will be open sourced and free for anyone to use and iterate on.
3/ For ~12 months now, we've researched the possibility to bring #DeFi use cases to Bitcoin. This means the ability to lend, borrow and leverage trade (BTC & synthetic assets) without compromising on self-custody & privacy. We believe this can be done with Bitcoin today.
4/ MVP app: an utility that allows 2 users to enter an on-chain multisig contract with fixed maturity. On maturity, the bitcoins in the multisig are either divided between the users per specs (contract size, price feed etc), or automatically rolled over.
5/ 2 basic use cases of such utility (and 2 natural counterparties) are:
i. short your bitcoins to always hold stable fiat value
ii. long your bitcoins to multiply them in case of bitcoin price rising
6/ Read more about our general idea for Bitcoin peer-banking and possible implementations in our whitepaper here:
hackmd.io/YW6f3xKjT5-IiS…
7/ In the future, we'd like to work on the implementation utilizing payment channels. For that, our hacker @jurbed along with @renepickhardt have written a research paper describing P2P CFDs based on LN Discreet Log Contracts:
hackmd.io/@lpQxZaCeTG6OJ…
@jurbed @renepickhardt 8/ For more of our vision, check out @ozaki9th's talk at #hcpp19:
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Dr Nigel Clarke
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#Thread #Kurukshetra #Analytics #Mahabharata
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