With everyone talking about the risks of Wrapped bitcoin (WBTC), can this project emerge as a new alternative?
In this episode, Aki Balogh, CEO of dlcBTC, explores how Discreet Log Contracts (DLC) can change how Bitcoin works in DeFi by creating a self-sovereign Wrapped Bitcoin. He delves into the mechanics of dlcBTC, its security features, and how it aims to be more decentralized than existing Wrapped Bitcoin solutions like WBTC. Aki also shares future plans for dlcBTC, including integration with Bitcoin Layer 2 solutions and expansion to various blockchain ecosystems.
Show highlights:
- Aki’s background and how he got into crypto
- What Discreet Log Contracts (DLC) are and why they are relevant for Bitcoin
- How dlcBTC leverages these types of contracts to build a self-sovereign Wrapped Bitcoin and the differences with the current WBTC
- Aki’s reaction to the news that WBTC will soon be handled by a joint venture between BitGo, Justin Sun, and the Tron ecosystem
- The role of attesters in making dlcBTC secure
- How redemptions work in this kind of setup
- Whether dlcBTC is more decentralized than WBTC
- How many attesters the protocol should have to make it more safe and secure
- How dlcBTC, the company, makes money with this product
- Whether dlcBTC will be used in Bitcoin L2s, not just in the Ethereum ecosystem
- What the future plans are for dlcBTC
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