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Could dlcBTC Resolve the Issues With Wrapped Bitcoin? - Ep. 690
Unchained
Decentralization Ensures Security
A secure decentralized system is established by utilizing 15 attesters, where a threshold of 10 can validate transactions. This prevents single points of failure, such as ransom attacks or censorship on unlocking resources, while allowing for public verification by anyone running a Bitcoin or ETH node. Additionally, the integration of Chainlink proof of reserve enhances security by confirming funding on the Bitcoin side and successful burns on ETH. The strategy to onboard merchants mirrors established systems, with initial success with partners like Amber Group and ongoing discussions with other major trading houses.
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