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Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽‍♂️ Profile picture
@BobBodily
Mar 21, 2023 • 12 tweets • 3 min read • Read on X
When $ckBTC is released this week, #ICP will easily be the best smart contract layer for #BTC (yes, better than stacks).

Never heard of $ICP? We're leveraging $ICP tech at @bioniq_nft to create the world's fastest non-custodial ordinals marketplace

🧵👇
ICP is the decentralized web services blockchain. Web services meaning you can host frontends, store assets, and do compute, all with a single smart contract (called a canister).

These are all bundled together in the same environment and all available within the smart contract.
ICP is a sharded blockchain, meaning it is broken up into individual subnets (no global state verification is tradeoff here).

The benefit is 2-5 second finality, $5/GB/year storage costs (native storage in the heap), and incredible horizontal scalability.
On top of all of that, you can make http calls and sign tECDSA directly from a "canister" smart contract, which enables all sorts of interesting cross-chain integrations with other ECDSA chains (BTC, ETH, Polygon, Avalanche, Polkadot, XRP).
At @bioniq_nft, we're leveraging #ICP tech to build the world's fastest non-custodial ordinals marketplace.

Here's how it works:
First, wrap your BTC to ckBTC. This process is fully non-custodial using a protocol level multisig of threshold signers (on each node in a subnet). The protocol handles key generation and refreshing keys so the ckBTC wrapper is one of the most secure ways to wrap BTC.
Next, you wrap ordinals in the Bioniq marketplace. Each ordinal is held in a unique address which you control. As you trade the ICP ordinal, you trade the ability to sign for that address.

This is a fully non-custodial wrapping process enabled by ICP "canister" smart contracts.
After BTC -> ckBTC and Ordinal -> ICP Ordinal (both fully non-custodial and secure) you can trade on Bioniq at the speed and cost of the Internet Computer!

This means 2-5 second finality and no gas fees or miner fees.
The beauty of securely bridging to ICP (essentially using ICP as a smart contract layer or sidechain to BTC) is that you can now:
- send BTC in seconds
- trade ordinals in seconds
- submit a bid on an auction for free
- do bulk actions on your ordinals
- and much much more.
Interested in learning more? Check out internetcomputer.org.
We just released the @bioniq_nft explorer bioniq.io, and we'll be releasing a non-custodial wallet and marketplace very very soon.

We can't wait to show you the world's fastest BTC ordinals marketplace. It is going to be incredible.
As always, if you liked the thread give me a follow @BobBodily, hit me up in my DMs if you have questions, or leave me a reply. Would love to hear from you.

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More from @BobBodily

Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽‍♂️ Profile picture
Oct 10, 2023
BitVM: Everything you need to know (and more...)

BitVM is a new Optimistic Roll Up + Fraud Proof + Taproot Leaf + Bitcoin Script computing paradigm designed by Robin Linus at Zero Sync. They published an excellent white paper this morning reviewed by Super Testnet and Sam Parker (post currently has 1.5M views!)

tl;dr

1. This is not a silver bullet solution

2. No, BitVM is not as good as EVM, BitVM is slower, more expensive, and more complex

3. The core benefit of BitVM is we get additional programmability right now on Bitcoin without an upgrade. No new op_codes needed. No soft fork needed. Ready to go right now.

4. Easy potential use cases include decentralizing various parts of applications that currently rely on centralized services (DLC oracles, congestion control/coinjoin aggregators, sidechain quorums)

5. No, BitVM doesn’t solve trustless bridging for sidechains (likely requires covenants)

6. Yes, BitVM is strictly better than Greg Maxwell’s 2016 ZKP contingent payments example

7. BitVM is VERY complex to understand and implement. Upgrading Bitcoin with an op_code could accomplish the same thing.

Technical Deep Dive

Alright, now let’s dig into the technical side of things. I am heavily quoting many others throughout my summary here because it was the safest way to stay true to what they said without misquoting them.

BitVM’s purpose is “any computable function can be verified on Bitcoin." - BitVM whitepaper

Which means that “Bitcoin is now as Turing Complete as any other chain, and this requires zero changes to Bitcoin” - Sam Parker

There are limitations (which we will get to later), but essentially what this means is as long as you:
(1) have enough money to pay for off-chain computation/proofs,
(2) have bandwidth to receive and send the necessary data (could be 100s of MB), and
(3) can do as many Bitcoin transactions as needed, THEN you can compute anything you want.

"All BitVM does is allow us to split the runtime of some logic that would be out of bounds of a single transaction across multiple transactions. That’s it."
- Sam Parker

So it might take a REALLY long time. And it might be REALLY expensive. And it might take hundreds of transactions. But you can do whatever you want. 😀

Reiterated by Sam himself: "So Bitcoin really isn’t any more Turing Complete by the technical definition as it was before, it simply has been given a runtime to its programs that we can reasonably say it’s “Turing complete enough” for any program that we could realistically want to execute."

One of the key benefits here is there is no upgrade required. You can do it all right now.

And you don’t have to use it if you don’t want to: "This is opt-in. If you don’t trust your coins being locked to some Turing complete contract (totally reasonable) then don’t lock them to a Turing complete smart contract." - Sam Parker

Since there will be some computational limits on what you can do, I think the lowest hanging fruit for something like BitVM is replacing a lot of the centralized “Bitcoin edge” services that people currently use.

For example we could "cut out all kinds of trusted or semi-trusted escrow services that a version of Bitcoin without this requires. Congestion control/Coinjoin aggregators, sidechain quorums, certain types of DLC oracles, all can go from trusted/semi-trusted to 100% trustless. Bitcoin’s trustlessness is only as strong as the weakest link in the interaction you are engaging in with it." - Sam Parker

Now let’s get into what Eric Wall thinks about it:

""I just read the whitepaper and all the concepts check out to me. I have a natural disinclination for schemes that require very large pre-signed transaction exchanges in a setup phase—I don’t know which issues may arise from such schemes. Overhead and permission are the two big issues.

For now, I’m cautiously excited, waiting for what the real-world experiments will yield. Maybe there are elegant, trivial solutions to the two-party limitations of this scheme, maybe there aren’t. Maybe the overhead is manageable for specific types of computation, like zk proofs.

If BitVM works well to verify a zk proof inside it, then that’s interesting—BitVM would then serve the role of the zkwasm layer [I’ve discussed previously]."" - Eric Wall

He then continued with what is probably the best succinct summary of BitVM:
"Is it correct to say that BitVM today only describes a way by which a verifier can steal a bond from a prover depending on the outcome of a turing complete computation, but doesn’t really describe an architecture for peg-in/outs for outside participants?"

The answer to his question is yes, this is exactly what BitVM is at this point.

Adam Back jumped in with a more critical comment (that has tons of views) "For people getting (over) excited, this is cool but effectively a generalization of a two-party game - it says right in the abstract - so it's a bit like Greg Maxwell's 2016 ZKP contingent payments implemented example".

Except Adam missed a part of the paper and this BitVM is actually strictly better than Greg Maxwell’s 2016 ZKP example. Quote from Robin: "It is strictly superior [than Greg Maxwell’s 2016 ZKP example because] in a ZKCP the prover has to know the solution upfront."

Super Testnet was a reviewer on the article and posted: "This is probably the most exciting discovery in the history of bitcoin script. It seems to knock down practically every door, and gives us access to covenants, sidechains, and powers similar to Liquid or the EVM, all at once with no forks required. I can't wait to publish my demo."

And to answer Eric Wall’s question about 1 to N party setups, Super Testnet posted: “It also allows for 1-N parties, similar to rollups. You can have a central party take a fee to perform computations for a group. Everyone in the group knows the central party cannot lie or the group can take, and distribute among themselves, a massive bond."

So some additional trust, but with nice economic trust assumptions as the central party loses in the event that they are dishonest.

One main downside to BitVM is the complexity. There is a lot of presigning that needs to occur in order for BitVM to work.

Rijndael commented: "Seems like CTV would cut down on the presigning. This would be great to build with current bitcoin and then figure out how much interactivity could be cut out with ctv and whether thats a nice to have or a must have".

If you aren’t up to speed here, CTV = BIP-119 = Simple Covenants. So if we upgraded Bitcoin to enable CTV, BitVM would be a lot nicer and more efficient.

Post Capone added his own take on the current positivity across many ecosystems within Bitcoin: "BitVM has spurred net positive commentary from 8 separate legions within bitcoin that notoriously slander each other into oblivion. Big stuff, man. Big stuff. Hats off to a lot of the analysis/feedback that has been piped out in such short order. It's very cool to see. Ordinals was a magical moment. This feels like it has the gas in the tank to double down on that. We're all clamoring over ourselves to hack it into working order."

BitVM is very similar to Lightning Network as (at least in the paper) there is a 2:2 multisig requirement.

Dylan LeClair posted: "Correct me if wrong: although technically much different, its like LN in the sense that it's a 2:2 multisig where TXs/apps/contracts can be built above bitcoin, but verification & settlement occurs on-chain. As I understand it this would enable trustless BTC peg-ins (?)".

To which Sam replied: "It enables basically anything you’d want to enable including trustless peg ins. It’s very similar in spirit to lightning in that way yes. I think running this protocol inside of a lightning channel is going to be the real power play personally. I suspect there’s a way to piggyback on Lightning’s justice transactions in a very synergistic way."

Some have doubted whether BitVM can support a global state due to the state-channel-like description in the article, but Super Testnet responded "It supports global state. Party A can prove statements to party B about a global ledger such as bitcoin or a sidechain or even an alt-chain."

Essentially BitVM “enables more expressive Bitcoin contracts. Particularly, it enables functionality that we thought we'd need a soft fork for. It might enable trustless sidechains, but that's not fully solved yet." - Super Testnet

And Rijndale responded that we likely still need covenants for trustless sidechains: “BitVM lets you spend ALL of a UTXO with a smart contract. For trustless sidechains we need to be able to spend PART of a UTXO with a smart contract".

Bob's take:

1. Another whitepaper, another round of podcasts, and another loop around the sun. BitVM is very interesting, but it is still in the research phase with much still to be explored, so TBD on how many problems BitVM can solve for us all.

2. There are likely some simple key use cases that could start leveraging BitVM right now to reduce trust assumptions (DLC oracles).

3. We need a variety of different paths to give us additional programmability on Bitcoin, so I applaud anyone working on solutions in this area (BitVM included). I hope tons of devs build really cool demos with it that solve big problems for people.

Thanks for reading! If I missed anything, please correct me or ask questions in the replies.Image
And if you like my technical takes, you'll love The Very Good Bitcoin Club.

thevgbclub.com
24 hour update

Read 4 tweets
Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽‍♂️ Profile picture
Aug 8, 2023
1/ Ordinals and BRC-20 indexers are currently centralized (user patterns match the left graph).

The two most promising paths for a decentralized Ordinals/BRC-20 indexer in the near term are:

1. Build it on ICP
2. Build Sovereign Rollups Image
2/ First some background info.

An indexer:
1. Gets Bitcoin block data
2. Processes it using protocol rules
3. Makes the resulting state available

That's it. It is that simple.
3/ Why indexers are centralized:
1. Who runs the Bitcoin node that powers the indexer?
2. Who can change the indexer code?
3. Who maintains the server running the API?

If any of these answers are someone other than you, then you are trusting someone else to do it for you.
Read 15 tweets
Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽‍♂️ Profile picture
May 22, 2023
The meteoric rise of @BitGod21 -> 0 to 100k followers in 48 days.

I read through all 6,817 tweets and summarized his winning strategy.

This is a fantastic case study on what everyone in crypto needs to know about branding, strategy, and growth.

1/21
1. Consistency

BitGod's first tweet was April 4th, 2023. Since then, he has tweeted 6,817 times.

That is 142 tweets per day. Yes, you read that right. 6 tweets per hour every hour of every day for the last 7 weeks 🤯🤯🤯
2. Value

He averages 1 awesome thread per week.















Read 21 tweets
Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽‍♂️ Profile picture
May 22, 2023
"The Great Ordinals Debate" was the talk of the town Friday at Bitcoin Miami.

@udiWertheimer & @ercwl
vs
the laser eyed Bitcoin Maxis

I was there in my wizard hat sitting right next to the creator of BRC-20.

Here's the breakdown on how it went down.
The main points from the Bitcoin Maxis:
1. BRC-20 was intentionally designed by BSV devs as an attack on Bitcoin (this is false)
2. Images on BTC are all crap (this is also false)
3. Ordinals could increase evil MEV (this is partly true)
BRC-20 was a fun experiment designed by @domodata.

"Fun" and "experiment" are the best two words to describe the beginning of BRC-20.

Domo isn't associated with BSV, Domo didn't design it with mal-intent, and Domo wasn't attacking Bitcoin. He was building on Bitcoin.
Read 8 tweets
Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽‍♂️ Profile picture
May 3, 2023
The key difference between smart contracts & meta-protocol indexers is smart contracts utilize cryptographic consensus to enforce & manage state of the contract, while indexers organize & make information about state more accessible, but do not provide any guarantees about state.
So if you are building on a meta-protocol (ORD, XCP, BRC-20) to ensure a reasonable level of security & dZn you should pull data from a diverse set of trusted indexers. This provides a good balance between dZn, security, & performance, although it still isn't as robust as BTC L1.
I know it sounds crazy, but it means meta-protocols providing "smart contract" capabilities on BTC can be MORE prone to centralization risk, single points of failure, data accuracy concerns, & security risks when compared to sidechains like Stacks or ICP.

Read 4 tweets
Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽‍♂️ Profile picture
Apr 20, 2023
I am very pleased to finally announce the release of

toniq.io

a complete redesign of Entrepot, now rebranded as the Toniq NFT Marketplace.

We’ll be running Toniq (ICP) & Bioniq (BTC) marketplaces in tandem. Read on for more info and why we're rebranding 👇
Entrepot was the first ICP NFT marketplace (2021) and has since grown into the largest NFT marketplace on ICP. We've launched over 500 NFT collections and done over $35M USD in volume.

We couldn't have done any of this without the support of the stellar ICP community.
If you aren't familiar with the incredible tech behind ICP, hit me up in my DMs and let's chat. Would love to walk you through why we're building on ICP.

Our new update for Toniq includes quite a few new designs and features, so let's take a deeper look at a few of them:
Read 10 tweets

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