UNCHAINED: Could dlcBTC Resolve the Issues With Wrapped Bitcoin?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 16 August 2024
⏱️ 50 minutes
🧾️ Download transcript
Summary
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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Guest:
- Aki Balogh, CEO of dlcBTC
Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk.
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Transcript
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| 0:00.0 | Thanks for listening to Unchained, your no-hype resource for all things crypto, on the CoinDesk Podcast Network. |
| 0:06.5 | You can also listen to the episodes on the Unchained feed earlier if you subscribe there. |
| 0:11.7 | Plus, check out all our content on our website, Unchained Crypto.com. |
| 0:16.8 | And it's done great. |
| 0:18.1 | But everybody who uses WBTC, the traders who trade it, the retail who holds it, |
| 0:23.6 | everybody knows that it has sort of one kind of design flaw. |
| 0:27.6 | Hey, everyone, Laura here. We've recorded this show in advance since I was headed out on vacation. |
| 0:33.3 | And of course, afterward, news regarding WB broke, that's highly relevant to the show. |
| 0:38.8 | I did manage to get a written answer from Aki about the news, which we were able to insert ahead of publication. |
| 0:44.5 | So just FYI, the news about WBTC is not referenced to anywhere else except in that part of the recording. |
| 0:50.9 | And now on to the show. |
| 0:56.9 | Hi, everyone. Welcome to Unchained, your no-hap resource for all things Crypto. I'm your host, |
| 1:01.5 | Laura Shin, author of The Cryptopians. I started coming crypto nine years ago, and as the |
| 1:06.3 | senior editor of Forbes, was the first main-train meter porter to cover cryptocurrency full-time. |
| 1:10.5 | This is the August 16th, 2024 episode of Unchained. |
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