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Matt Luongo ✜ Profile picture
@mhluongo
Apr 18, 2020 • 4 tweets • 4 min read • Read on X
I've just pushed a draft explaining the #tBTC security model for humans.

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
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 .
Hoping this piece clarifies some common misconceptions about user security, the rationale behind the extra collateral, and huge differences in a peg system like this versus a pure synthetic. Enjoy!

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More from @mhluongo

Matt Luongo ✜ Profile picture
Aug 10
So, @MakerDAO is considering delisting WBTC, which makes up ~10% of DAI's backing.

1/ Image
2/ Since 2019, I've been working on a decentralized alternative to WBTC — tBTC.

It's gone through tweaks and improvements over the years, balancing security and flexibility.
3/ Today, tBTC is...

💁‍♂️ An easy to use, permissionless bridge
🌐 Supported on Ethereum, Arbitrum, Base, Optimism, & Solana, with more to come
🔒 Backed by a decentralized network of custodians @TheTNetwork
Read 7 tweets
Matt Luongo ✜ Profile picture
Aug 18, 2021
1/ This Friday, August 20th, will mark the 1 year anniversary of @MetaMask stepping away from free and open source licensing.

github.com/MetaMask/metam…
2/ Since then, MM has launched Swap, an in-wallet trading service. Today, they’re earning ~$10M a month in fees, charging each user 0.75-1% per swap 😳

dune.xyz/tomhschmidt/me…
3/ MM has taken us far on this journey, and they deserve all the success they’ve achieved. But right now, that success is feeling very Web2.
Read 13 tweets
Matt Luongo ✜ Profile picture
Mar 8, 2021
1/ Recently, a couple @keep_project and @nucypher community members reached out to broker a call. Two whirlwind weeks later, and the teams are putting a joint proposal in front of our communities.

The proposal? To join forces in the first on-chain protocol hard merge.
2/ What’s a hard merge?

@tbitls coined the term to describe two protocols merging into a third. It’s sort of like a hard spoon, but with multiple protocols coming together.

3/ Why?

Both NuCypher and Keep are threshold cryptography networks. Both have off-chain actors that can custody parts of secrets and compute over them, giving on-chain contracts super powers.

Both communities value censorship resistance, privacy, and security — first.
Read 9 tweets
Matt Luongo ✜ Profile picture
Sep 22, 2020
1/ Big day.

After 3 months of testing, tweaking, and auditing, we've launched tBTC rc.1 on mainnet. I expect it will be the final release candidate for tBTC.

#bitcoin #ethereum 💏
2/ As far as I know, this release is the first permissionless, censorship-resistant Bitcoin bridge on Ethereum. Anyone can mint $tBTC by connecting to the Bitcoin and Ethereum chains, and no one can censor transactions or redemptions.

dapp.tbtc.network
3/ Of course, censorship-resistance is on a spectrum. Today, there are ~67 signers powering the bridge- not 1000s. That number is increasing every hour, and I hope we'll see 500+ signers online before the end of the year.

Read 14 tweets
Matt Luongo ✜ Profile picture
Sep 5, 2020
What does a "fair launch" mean when the same players are showing up to mine liquidity, over and over? Fair to whom?
If a vanilla SHA-256 coin is launched and it accrues some modest value, it's a freebie for existing Bitcoin miners. The only real cost is the opportunity of the hashpower, but for them it's a drop in the bucket
Fair launches today in DeFi are a subsidy for whale LPs. A strong launch should bootstrap a new community or extend an existing one, not enrich the same 5 aggro DeFi hedge funds.
Read 8 tweets
Matt Luongo ✜ Profile picture
Sep 2, 2020
So @corolari just shipped a Lightning <> tBTC bridge to Ropsten... ⚡️#bitcoin #ethereum 💏

ln2tbtc.com
It's early and I'm still digging in — here's the Github. But if it works the way I believe it does, the impact will be significant.

github.com/corollari/ln2t…
Minting tBTC on Ethereum's mainnet is a gas-heavy process. It involves a BLS-based random beacon 🔀 and cross-chain SPV proofs 🧑‍🔬 so you don't need to trust a central party for RNG or minting (!!!). Awesome, but expensive in terms of gas / blockspace 💰🔥
Read 7 tweets

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