I’m not sure technically if this is possible with Tezos though.
It wouldn’t be possible to code in a way to allow people to convert their BTC into tzBTC which allows 1:1 backing without having human intervention?
I don’t know any blockchain ever implemented this yet. Basically, all existing implementations are using multisig to lock BTC on bitcoin side and generate 1:1 wrapped BTC token on target blockchain. That’s also what sidechains do, examples like Liquid, RSK etc. To remove the multisig part, something like drivechain (BIP 300 ) https://www.drivechain.info/ must be added to bitcoin itself first.
RSK to be fair a little bit different, it’s using merged mining, basically like all bitcoin miners do the multisig job.
I see. And is there something wrong with using the method that works for this situation? I think what you are explaining is what I meant.
What you mean ? Why nobody did it in drvechain way ? Because it (BIP 0300 and 0301) requires a soft fork of bitcoin, so currently can’t be done on Bitcoin network yet.
What’s up with these legacy boomer companies and the convoluted process that takes forever to mint tzBTC? You can mint wBTC on numerous chains in minutes from native btc- we should switch to wBTC. Then 3rd parties like multichain.xyz or anyswap or any other bridge that likes making money could swap in/out of Tezos, as wBTC is the standard they all use
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I’m sorry. I meant using the method that doesn’t require a bitcoin fork. Like how wBTC wrapping works.
tzBTC IS the method what wBTC is using, wBTC is ERC20 token on Ethereum, tzBTC is FA1.2 token on Tezos. Technical wise, there is no difference between wBTC and tzBTC other than on different chain.
The whole difference here is nothing related to magic science, it’s how the related people/company do they suppose to do. How motivated, passionate they are.
There are a lot of introductions about how wBTC works, for example What is Wrapped Bitcoin? - Decrypt . If tzBTC want to be successful, they should learn something from them.
Gotcha! Thank you for helping me understand that side of things!
Yes of course and this is partially what people against the LB proposal were clamoring in the first place. But once again TF and AB would rather defend something, no matter how stupid, than admit they are wrong about it. tzBTC was arguably the worst possible choice for a LB pair. It provides liquidity… for absolutely nobody. There is no demand for tzBTC and it’s impossible to get.
The fact that so many bakers and so many key members of the community shortsightedly defended a proposal like this disappoints me just so much.
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Don’t worry TF is converting their btc to tzBTC and buying xtz.
No one controls the network except bakers.
The third party can effectively only mint TzBTC for certain individuals, making this subsidy just serve as some crony capitalist scheme in which just the buddies of the minters can get into liquidity baking. They need to make it easy for everyone to mint and unmint, or we should just turn it off and replace it with a non-third party dependable asset. I really don’t like this at all. We should just give them an ultimatum, that they need to get the ball rolling, or we’ll just stop the subsidy.
