Could dlcBTC Resolve the Issues With Wrapped Bitcoin?

With everyone talking about the risks of Wrapped bitcoin (WBTC), can this project emerge as a new alternative?

Aug 16, 2024

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ABOUT

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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.

HOST

Laura Shin

Laura Shin is a crypto journalist, host of the Unchained podcast, and author of “The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze” (Public Affairs, 2022). Formerly a senior editor at Forbes, she was the first mainstream journalist to cover crypto full-time, and her podcasts and videos have had more than 15 million downloads and views. Shin has spoken about cryptocurrency at places such as TEDx San Francisco, the International Monetary Fund, Singularity University and the Oslo Freedom Forum.

She graduated Phi Beta Kappa with Honors from Stanford University and has a master of arts from Columbia University’s School of Journalism. She lives in New York City.