According to a recent report, the first trustless exchange between the Bitcoin blockchain and the Stacks protocol has been implemented. Muneeb Ali, co-founder of the Stacks protocol, talked about the local Bitcoin exchange on Twitter and said that progress is very important.
Use an NFT called “Boombox” to perform trustless local Bitcoin exchanges
“The first trust exchange [the] Bitcoin [blockchain] The Stacks chain is happening,” one user wrote on the forum. “This is similar to submarine exchange. However, I call it a catamaran exchange because we have two chains on the water,” the individual added. Going further into the Reddit thread, the individual pointed out that the exchange was “successfully completed.”
Local Bitcoin swaps are now live!
Why is this a big deal? Twitter topic👇
-muneeb.btc (@muneeb) July 26, 2021
One can think of the exchange terms as definition On the Stacks chain, then Bitcoin transfer and confirmAccording to the description, the exchanged asset is a non-fungible token (NFT) asset called “Boombox (b-12)”. The creator of the Reddit post wrote, “The exchange shows that you can trigger trustless behaviors such as asset transfers by sending Bitcoin from one address to another.”
The individual added that this feature provides a “new dimension” for Bitcoin because “transfers can be checked and verified through smart contracts on the Stacks blockchain.”
The Stacks project is considered to use Bitcoin (Bitcoin) Blockchain as the base layer. Verification is provided by the proof of transmission between the two networks. Similar to the Solidity programming language of Ethereum, Stacks has a programming language called Clarity. Muneeb Ali, co-founder of Stacks, Tweet Regarding the milestone on Monday, because he wholeheartedly believes that it is a watershed.
“Users can distrust Bitcoin Exchange to stablecoins, derivatives, perpetual contracts and other encrypted assets,” Ali emphasized in his tweet. “All through the main pure bitcoin transactions Bitcoin chain. Users can purchase any digital assets (such as NFT and decentralized domains). Ali further commented that this is a major event and said: “Bitcoin has established itself as a digital gold, but you cannot use it Bitcoin No need to go through: (a) a centralized exchange or (b) an alternative blockchain with packaging [bitcoin]. Not anymore. “
Automated market maker ALEX revealed that Muneeb Ali stated that trustless swaps are a “big thing”
The computer scientist and Stacks co-founder stated that the packaged Bitcoin is “not Bitcoin” and that many Bitcoin users do not trust the network model that houses these encrypted assets. As far as the centralized exchange (cex) platform is concerned, Ali mentioned that there is a counterparty risk, and users need to pass KYC requirements. “Everything has changed now,” Ali said.
“Stacks is a unique L1 blockchain that supports cross-chain transactions with Bitcoin: smart contracts for pure Bitcoin transactions. Using Stacks, developers have established a trustless exchange with native Bitcoin,” Stacks executive explained in detail.
Ali also stated that it will support the U.S. dollar (USDC) soon, and “no need to trust Bitcoin/USDC swaps are possible. He added that Ethereum functions can be implemented directly on Bitcoin, and users can create “Uniswap-like AMM (Automatic Market Maker)” Bitcoin Swaps, [and] Do pure Bitcoin Transaction to interact. In addition, Ali emphasized that these features will be accompanied by strong security Bitcoin Blockchain. The Twitter storm of Stacks executives continued:
Bitcoin is a sovereign currency. A complete world of open finance will be created around Bitcoin.Home country Bitcoin The exchange of new assets is the fundamental building block defined by Bitcoin. Bitcoin swallows banks.
Of course, a few people Mention Tell Ali that the Thorchain project has been conducting trustless exchanges for some time. In fact, the popular peer-to-peer trading platform Shapeshift lever The technology used by Thorchain to complete local exchanges.Although, someone Hurry up and point out Thorchain has some Hacking question recently.
Yesterday, we saw trustless Bitcoin swaps; today, a new AMM ALEX based on Stacks + Bitcoin came out.
The Bitcoin revolution is unstoppable.
-muneeb.btc (@muneeb) July 27, 2021
According to the website and recent blog posts, AMM allows users to lend, earn, and borrow Bitcoin with minimal risk and maximum return.In a tweet, the ALEX Twitter account Say AMM “helps crypto users protect their capital and maximize the value of their assets-we do this by providing fixed-rate loans/borrowing and high-quality LTV with higher security and lower fees.”
Stacks competition is fierce
The Stacks team still has fierce competition with projects such as Thorchain. Badger DAO, and RSKMany of these already have fully operational defined applications that allow people Chasing the liquidity pool And other types of defi agreements. In addition, even though Ali claims that people do not believe in network models with concepts such as packaging Bitcoin, Ethereum (ETH) Binance Smart Chain (BSC) has a huge lead in the sum of Stacks, Badger, RSK, Liquid, and Thorchain.
In the past two years, Ethereum And BSC have seen a large number of projects that allow cross-chain exchange, synthesis and packaging of Bitcoin, stablecoins, AMM, lending pools, and decentralized exchange (dex) platforms.On the Ethereum chain alone, there are WBTC, HBTC, RENBTC, SBTC, PBTC, TBTC and IMBTC, which add up to 250,729 Bitcoin Placed in Ethereum The internet.
What do you think of the exchange between Stacks and the Bitcoin blockchain and AMM ALEX? Please tell us your thoughts on this topic in the comments section below.
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