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.
4/ Joining forces means building a more resilient network.. and the perfect foundation for tBTC v2.

Today, 200 nodes are staking with @keep_project , backing tBTC and the random beacon. 2,000 nodes are staking with @nucypher to back proxy re-encryption.
5/ Launching tBTC v2 on the joint network means an order of magnitude more signers than v1. Let's call it... progressive decentralization 😎
6/ Joining forces means a network that can do more. Stakers in the new network will be able to back proxy re-encryption, threshold BLS, threshold ECDSA, and all of tBTC v2.

That means stakers collecting fees across all of these applications.
7/ It also means bandwidth to do more. The combined network will have 2 independent dev teams.

More developers doesn’t always mean things are faster... but it does mean more can be done at once.

Think tBTC v2 minting on L2s like @optimismPBC , @arbitrum, @zksync, and Polygon.
8/ Between us, we have the best communities and brightest minds. Together, we can push threshold cryptography forward and give Ethereum super-powers.

But first... @WrappedBTC, we’re coming for you :)
9/ We have two independent communities, networks, and dev teams. We have aligned values.

Help us bring them together and make this the first on-chain hard merge. Things are about to get weird. 👇 #CodenameKEANU

forum.keep.network/t/proposal-kee…

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More from @mhluongo

22 Sep 20
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
5 Sep 20
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
2 Sep 20
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
11 Aug 20
I've been thinking about "blind" staking — staking mechanisms that allow stakers to retain some amount of privacy.
It's a fun problem. Stakers deposit funds into some sort of anonymity pool. Stakers then prove they are in the pool as of some height, and are "eligible" for whatever the staking enables.
There's a wide pool design space. In a system like @keep_project, the funds don't need to be able to be transferred within the pool. They do, however, need to able to be burned by objective rules enforced across the pool.
Read 7 tweets
27 Jun 20
Beautiful example of a clash of two engineering cultures here.

#bitcoin #ethereum 💏
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.

Read 5 tweets
27 Jun 20
Looking forward to your thoughts on @Liquid_BTC moving 800+ BTC to centralized custody @francispouliot_.
These are the professionals, after all. Let's hear it.
Here are the details in case you aren't following

Read 4 tweets

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