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Matt Luongo ✜ Profile picture
@mhluongo
Jun 27, 2020 β€’ 5 tweets β€’ 2 min read β€’ Read on X
Beautiful example of a clash of two engineering cultures here.

#bitcoin #ethereum πŸ’
1⃣ Young upstarts who write open source and play with cutting edge tech. They mess up a lot- but they learn, in the open, and they iterate.

2⃣ More established technologists who sneer at the upstarts, claiming their tools and methods are somehow lesser, regardless of outcomes.

Of course, we've seen how this plays out before. If you're competing on tech, which attitude wins?

And in case you need evidence...

Excited to see these cultures continue to collide. My bet is on Bitcoin, the asset- but not this back-ass-wards, closed-source engineering culture we're seeing with @Liquid_BTC.

β€’ β€’ β€’

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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 β€” tBTC.

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

πŸ’β€β™‚οΈ An easy to use, permissionless bridge
🌐 Supported on Ethereum, Arbitrum, Base, Optimism, & Solana, with more to come
πŸ”’ 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 β€” 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 πŸ’
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 πŸ’

ln2tbtc.com
It's early and I'm still digging in β€” 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 πŸ”€ and cross-chain SPV proofs πŸ§‘β€πŸ”¬ so you don't need to trust a central party for RNG or minting (!!!). Awesome, but expensive in terms of gas / blockspace πŸ’°πŸ”₯
Read 7 tweets

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