From af9c9c5209b08997213f16806b8cf3ab15f0c09b Mon Sep 17 00:00:00 2001 From: litepresence Date: Wed, 9 Sep 2020 08:55:39 -0400 Subject: [PATCH] Create BSIP9999 Distributed Bitcoin Cross Claim Gateway --- ...99 Distributed Bitcoin Cross Claim Gateway | 110 ++++++++++++++++++ 1 file changed, 110 insertions(+) create mode 100644 BSIP9999 Distributed Bitcoin Cross Claim Gateway diff --git a/BSIP9999 Distributed Bitcoin Cross Claim Gateway b/BSIP9999 Distributed Bitcoin Cross Claim Gateway new file mode 100644 index 0000000..549b6a9 --- /dev/null +++ b/BSIP9999 Distributed Bitcoin Cross Claim Gateway @@ -0,0 +1,110 @@ + + +BSIP: 9999 +Title: Distributed Bitcoin Cross Claim Gateway +Authors: litepresence finitestate@tutamail.com +Status: Draft + +BSIP: +Title: +Authors: +Status: [ Draft | Accepted | Installed | Voting | Deferred | Rejected | Superseded | Obsoleted ] + +Type: Protocol + +Created: 2020-09-09 + +Discussion: + +Abstract +---------------- + +polkaBTC is a full reserve distributed gateway + +polkaBTC "vault" is a contract that anyone can issue polkaBTC from - to any other party +witnesses run bitcoin spv nodes and post headers +the statistical mode of the headers are then a "BTC parachain" on the issuing chain +issuers post collateral much like borrowing an MPA +issuer must maintain collateral of core token on the issuing chain +or other token on issuing chain) at stochastic market rate +issuers can charge a fee to those who request or redeem polkaBTC +issuer collateral ratio, fees charged, and vault size is public rpc info +In practice, request and redeem work much like a gateway from the user level except: + instead of judging gateways based on perceived trustworthiness + you judge gateways based on fees charged +additionally polkaBTC is equivilent regardless of which user issued it + +Motivation +---------------- + +Traditional IOU gateways require trusted third parties which have historically ended with "exit scams" + +Rational +---------------- + +A smart contract XCLAIM style gateway ensures contractual performance through collateralization + +Specifications +---------------- + +Witnesses upload bitcoin headers +Anyone can issue "polkaBTC" to anyone by locking BTC on Bitcoin Mainnet +Anyone with "polkaBTC" can redeem with any vault operator. +vault operators must maintain collateral or be penalized. + + +Discussion +---------------- + +see POLKABTC SPECIFICATION DOCS for details. Of course we can debate what we'll name the token. + + +Summary for Shareholders +---------------- + +BitShares gateway technology is a relic of the past that is a marginal improvement on CEX technology. +In both cases you are trusting a third party to issue tokens. +XCLAIM tech can allow BitShares a means to interact securely with Bitcoin + + +Copyright +---------------- + +WTFPL 1765 + +See Also +---------------- + + + XCLAIM LIGHT PAPER + +https://www.ieee-security.org/TC/SP2019/SP19-Slides-pdfs/Alexei_Zamyatin_-_02-Alexei_Zamyatin-XCLAIM_Trustless_Interoperable_Cryptocurrency-Backed_Assets.pdf + + XCLAIM WHITE PAPER + +https://eprint.iacr.org/2018/643.pdf + + ANN POLKADOT BRIDGE + +https://medium.com/interlay/interlay-receives-w3f-grant-to-build-trustless-btc-polkadot-bridge-c4bdb40173a3 + + POLKABTC SPECIFICATION DOCS + +https://interlay.gitlab.io/polkabtc-spec/ +https://gitlab.com/interlay/polkabtc-spec + + EMAIL + +contact@interlay.io + + GIT + +https://gitlab.com/interlay/btc-parachain + + WEBSITE + +https://www.interlay.io/ + + BLOG + +https://medium.com/interlay